II 

117TH CONGRESS 

1ST SESSION S. 523 

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

IN THE SENATE OF THE UNITED STATES 

MARCH 2 (legislative day, MARCH 1), 2021 

Mr. CRUZ (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 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. REPEAL OF THE OFFICE OF FINANCIAL RE4 SEARCH. 

5 (a) IN GENERAL.—Subtitle B of title I of the Dodd6 Frank Wall Street Reform and Consumer Protection Act 

7 (12 U.S.C. 5342) is hereby repealed. 

8 (b) CONFORMING AMENDMENTS TO THE DODD9 FRANK WALL STREET REFORM AND CONSUMER PROTEC10 TION ACT.—The Dodd-Frank Wall Street Reform and 


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•S 523 IS

1 Consumer Protection Act (12 U.S.C. 5301 et seq.) is 

2 amended— 

3 (1) in the table of contents in section 1(b), by 

4 striking the items relating to subtitle B of title I; 

5 (2) in section 102(a)— 

6 (A) by striking paragraph (5); and 

7 (B) by redesignating paragraphs (6) and 

8 (7) as paragraphs (5) and (6), respectively; 

9 (3) in section 111— 

10 (A) in subsection (b)(2)— 

11 (i) by striking subparagraph (A); and 

12 (ii) by redesignating subparagraphs 

13 (B) through (E) as subparagraphs (A) 

14 through (D), respectively; and 

15 (B) in subsection (c)(1), by striking ‘‘sub16 paragraphs (C), (D), and (E)’’ and inserting 

17 ‘‘subparagraphs (B), (C), and (D)’’; 

18 (4) in section 112— 

19 (A) in subsection (a)(2)— 

20 (i) in subparagraph (A), by striking 

21 ‘‘direct the Office of Financial Research 

22 to’’; 

23 (ii) by striking subparagraph (B); and 


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•S 523 IS

1 (iii) by redesignating subparagraphs 

2 (C) through (N) as subparagraphs (B) 

3 through (M), respectively; and 

4 (B) in subsection (d)— 

5 (i) in paragraph (1), by striking ‘‘the 

6 Office of Financial Research, member 

7 agencies, and’’ and inserting ‘‘member 

8 agencies and’’; 

9 (ii) in paragraph (2), by striking ‘‘the 

10 Office of Financial Research, any member 

11 agency, and’’ and inserting ‘‘any member 

12 agency and’’; 

13 (iii) in paragraph (3)— 

14 (I) by striking ‘‘, acting through 

15 the Office of Financial Research,’’ 

16 each place the term appears; and 

17 (II) in subparagraph (B), by 

18 striking ‘‘the Office of Financial Re19 search or’’; and 

20 (iv) in paragraph (5)(A), by striking 

21 ‘‘, the Office of Financial Research,’’; and 

22 (5) in section 116, by striking ‘‘, acting through 

23 the Office of Financial Research,’’ each place the 

24 term appears. 

25 (c) ADDITIONAL CONFORMING AMENDMENTS.— 


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1 (1) FINANCIAL INSTITUTIONS REFORM, RECOV2 ERY, AND ENFORCEMENT ACT OF 1989.—Section 

3 1206(a) of the Financial Institutions Reform, Recov4 ery, and Enforcement Act of 1989 (12 U.S.C. 

5 1833b(a)) is amended by striking ‘‘the Office of Fi6 nancial Research,’’. 

7 (2) TITLE 5.—Title 5, United States Code, is 

8 amended— 

9 (A) in section 3132(a)(1)(D)— 

10 (i) by striking ‘‘the Office of Thrift 

11 Supervision,,’’ and inserting ‘‘the Office of 

12 Thrift Supervision,’’; and 

13 (ii) by striking ‘‘the Bureau of Con14 sumer Financial Protection, and the Office 

15 of Financial Research’’ and inserting ‘‘and 

16 the Bureau of Consumer Financial Protec17 tion’’; and 

18 (B) in section 5314, by striking ‘‘Director 

19 of the Office of Financial Research.’’. 

20 (3) TITLE 44.—Section 3502(5) of title 44, 

21 United States Code, is amended by striking ‘‘the Of22 fice of Financial Research,’’. 

Æ 


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