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S. 523: A bill to repeal the Office of Financial Research, and for other purposes.


The text of the bill below is as of Mar 2, 2021 (Introduced).

Summary of this bill

Should OFR RIP?

Context

After the 2008–09 financial crash, Congress enacted the Dodd–Frank Wall Street Reform and Consumer Protection Act almost entirely on a party-line vote. Democrats largely supported the measure as necessary regulation, while Republicans largely opposed it as burdensome red tape on businesses.

The law established the Office of Financial Research (OFR), which produces data and statistical reports related to the financial system. They also produce an annual report to Congress with a bird’s eye view of financial markets and potential economic threats, available to the public here. The office is funded through fees levied on financial companies, which most recently totalled .000001671587 of eligible ...


II

117th CONGRESS

1st Session

S. 523

IN THE SENATE OF THE UNITED STATES

March 2 (legislative day, March 1), 2021

(for himself, Mr. Cotton, and Mr. Braun) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To repeal the Office of Financial Research, and for other purposes.

1.

Repeal of the Office of Financial Research

(a)

In general

Subtitle B of title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5342) is hereby repealed.

(b)

Conforming amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301 et seq.) is amended—

(1)

in the table of contents in section 1(b), by striking the items relating to subtitle B of title I;

(2)

in section 102(a)—

(A)

by striking paragraph (5); and

(B)

by redesignating paragraphs (6) and (7) as paragraphs (5) and (6), respectively;

(3)

in section 111—

(A)

in subsection (b)(2)—

(i)

by striking subparagraph (A); and

(ii)

by redesignating subparagraphs (B) through (E) as subparagraphs (A) through (D), respectively; and

(B)

in subsection (c)(1), by striking subparagraphs (C), (D), and (E) and inserting subparagraphs (B), (C), and (D);

(4)

in section 112—

(A)

in subsection (a)(2)—

(i)

in subparagraph (A), by striking direct the Office of Financial Research to;

(ii)

by striking subparagraph (B); and

(iii)

by redesignating subparagraphs (C) through (N) as subparagraphs (B) through (M), respectively; and

(B)

in subsection (d)—

(i)

in paragraph (1), by striking the Office of Financial Research, member agencies, and and inserting member agencies and;

(ii)

in paragraph (2), by striking the Office of Financial Research, any member agency, and and inserting any member agency and;

(iii)

in paragraph (3)—

(I)

by striking , acting through the Office of Financial Research, each place the term appears; and

(II)

in subparagraph (B), by striking the Office of Financial Research or; and

(iv)

in paragraph (5)(A), by striking , the Office of Financial Research,; and

(5)

in section 116, by striking , acting through the Office of Financial Research, each place the term appears.

(c)

Additional conforming amendments

(1)

Financial Institutions Reform, Recovery, and Enforcement Act of 1989

Section 1206(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1833b(a)) is amended by striking the Office of Financial Research,.

(2)

Title 5

Title 5, United States Code, is amended—

(A)

in section 3132(a)(1)(D)—

(i)

by striking the Office of Thrift Supervision,, and inserting the Office of Thrift Supervision,; and

(ii)

by striking the Bureau of Consumer Financial Protection, and the Office of Financial Research and inserting and the Bureau of Consumer Financial Protection; and

(B)

in section 5314, by striking Director of the Office of Financial Research..

(3)

Title 44

Section 3502(5) of title 44, United States Code, is amended by striking the Office of Financial Research,.