Office of Financial Research

Program Summary by Budget Activity

Dollars in Thousands

FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Budget Activity Actual 

Obligations

Revised 

Estimate Estimate $ Change % Change

Data Center $3,321 $15,062 $22,824 $7,762 51.53%

Technology Center $47,397 $48,137 $37,322 ($10,815) -22.47%

Research and Analysis Center $8,335 $16,789 $20,604 $3,815 22.72%

Operations and Support Services $17,681 $21,284 $24,975 $3,691 17.34%

Subtotal, Office of Financial Research $76,734 $101,272 $105,725 $4,453 4%

Total Full-time Equivalents (FTE) 119 148 184 36 24.32%

Summary

The Office of Financial Research (OFR or Office) is estimating a fiscal year (FY) 2024 funding 

level of $105.725 million, which is $4.453 million higher than its FY 2023 estimated funding 

level. The FY 2024 Budget includes increases in funding for the Data Center, Research and 

Analysis Center (RAC), and Operations and Support Services. The increased funding reflects the 

resources required to effectively execute emerging research, monitoring, and data priorities in 

support of the OFR’s legislative mandate under the Dodd-Frank Wall Street Reform and 

Consumer Protection Act of 2010 (P.L. 111-203). The increased funding will also support 

moving the OFR Climate Data and Analytics Hub from a pilot concept to a permanent platform, 

the Joint Analysis Data Environment. 

The FY 2023 Revised Estimate incorporates changes to reflect actual data available as of February 2023. 

Specifically, the OFR updated its FY 2023 budget forecast to reflect more current data than was available 

at the time of the FY 2023 President’s Budget Request. The FY 2023 revised estimate includes 

expanded access to the OFR Climate and Analytics Hub with the Joint Analysis Data 

Environment and non-recurring services and information technology investments required to execute 

mission priorities. While this includes an update to projected full-time equivalents, hiring remains a top 

priority.

Following the FY 2022 launch of the OFR Climate and Analytics Hub pilot, the OFR decided to 

create the Joint Analysis Data Environment to provide FSOC member agencies access to the 

hub, expand its collection of hub data over time, and increase its analytical software offerings. 

The Joint Analysis Data Environment’s objective is to provide high-powered computing, 

analysis-ready data, and analytic software in a secure, collaborative environment to users from

FSOC member agencies. The Joint Analysis Data Environment will enable users to securely

share code, data, and documents to enable collaboration on research topics related to financial

stability.

OFR is furthering work on collecting Non-Centrally Cleared Bilateral Repo Data moving from a 

pilot to a permanent data collection. FY 2023 work will focus on finalizing the notice of 

proposed rulemaking for the data collection. Additionally, OFR will begin planning efforts for

personnel, practices, and infrastructure needed for collecting daily repo transaction data.
Budget Highlights

Dollars in Thousands

Office of Financial Research FTE Amount

FY 2023 Revised Estimate 148 $101,272 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $2,902 

Pay Annualization 0 $438 

Pay Raise 0 $1,315 

Non-Pay 0 $1,149 

Efficiency Savings 0 ($10,272)

Non-recurring Costs 0 ($10,272)

Transfers 0 $0 

Data Procurement Transfer to Data Center 0 $11,600 

Data Procurement Transfer from Technology Center 0 ($11,600)

Other Adjustments: 20 $4,772 

FTE Annualization 20 $4,772 

Subtotal Changes to Base 20 ($2,598)

FY 2024 Current Services 168 $98,674 

Program Changes:

Infrastructure and Research Capacity to Support Emerging 

Priorities 16 $7,051 

FY 2024 Estimate 184 $105,725 

C – Budget Increases and Decreases Description 

Maintaining Current Levels (MCLs) ......................................................+$2,902,000 / +0 FTE

Pay Annualization (4.6%) +$438,000 / +0 FTE

Funds are requested for annualization of the January 2023 4.6 percent average pay raise.

Pay Raise (5.2%) +$1,315,000 / +0 FTE

Funds are requested for anticipated increases to labor costs to include merit pay increases for

qualifying staff.

Non-Pay +$1,149,000 / +0 FTE

Funds are requested for non-labor expenses such as travel, contracts, rent, supplies, and

equipment. 

Non-Recurring Costs................................................................................-$10,272,000 / -0 FTE 

Data Center Non-Recur for Specialized Subject Matter Expert (Contract) -$10,272,000 / -0 FTE

This efficiency adjustment eliminates one-time funding used in FY 2023 for specialized expert 

support services for IT contractors to support a variety of projects, among them the creation and 

expansion of the OFR's Joint Analysis Data Environment; investments in OFR’s recruitment and 

retention program; and the modernization of OFR’s conference spaces, to include VTCs. 

Program Transfers................................................................................ +$0 / +0 FTE 

Data Procurement Transfer from Technology Center to Data Center +$0 / +0 FTE

This request includes moving the Data Procurement costs, which total $11.6 million annually, 

from the Technology Center back to the Data Center. This decision is part of a broader effort to 
have data-related decision making and costs be under the oversight of the Data Center, rather 

than under the Technology Center. 

Other Adjustments ................................................................................ $4,772,000 / +20 FTE 

FTE Annualization $4,772,000 / +20 FTE

OFR anticipates the hiring of an additional net 20 FTEs late in FY 2023 that would be fully 

funded at the outset of FY 2024. These staff will support all four major OFR budget activities 

and will provide a baseline for the office as it continues to grow to support the OFR’s legislative

mandate under Dodd-Frank. 

Program Increases................................................................................ $7,051,000 / +16 FTE 

Infrastructure and Research Capacity to Support Emerging Priorities $7,051,000 / +16 FTE

This program increase is driven by new work requirements in support of the FSOC’s and the 

Administration’s emerging priorities: climate-related financial risks, expanded short-term

funding markets monitoring, asset management/hedge fund monitoring, digital

assets/cryptocurrencies, and cybersecurity. It provides: 

• Expanded access to the OFR Climate and Analytics Hub pilot into full production as the 

Joint Analysis Data Environment. 

• Data sharing and data product functionality and support as increasingly demanded by internal 

and external stakeholders. 

• Funding for anticipated increases for new data acquisition requests and data management 

support needs for the OFR Joint Analysis Data Environment. 

• Key research on financial stability, especially risks and vulnerabilities in frontier areas, from

our external stakeholders. 

• OFR’s first formal data collection utility. The collection utility will be designed and scaled to 

intake future data collections securely and efficiently.

• A research grants program to drive high-impact research and analysis in research areas

outside of traditional finance and economics disciplines. 

• Investments in emerging cybersecurity needs, ensuring an ability to meet evolving demands 

for secure, cloud-based infrastructure.

Legislative Proposals 

The OFR has no legislative proposals. 

Performance Highlights 

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Budget Activity Performance Measure Actual Actual Actual Target Target

Data Center

Number of Legal Entity Identifiers 

Issued Cumulatively in the United 

States and Internationally

 

1,733,473 

 

1,941,554 

 

2,206,195 I I 

Data Center

Number of Times That Financial 

Data Standards are Incorporated in 

Rules and Regulations

3 2 0 I I 

Key: I – Indicator
Description of Performance

Number of Legal Entity Identifiers (LEIs) Issued Cumulatively in the United States and 

Internationally – The LEI helps the financial industry, regulators, and policymakers trace

exposures and connections across the financial system. It also generates efficiencies for financial

companies in internal reporting; risk management; and in collecting, cleaning, and aggregating 

data. In addition, the LEI can ease companies’ regulatory reporting burdens by reducing overlap 

and duplication with respect to the multiple identifiers reporting firms must manage. The 

indicator developed for the LEI tracks the progress of industry’s use of the LEI over time. 

Number of Times that Financial Data Standards are Incorporated in Rules and Regulations – 

This data point serves as an indicator of regulators’ awareness of the importance of data

standards and the extent to which those standards are being adopted in rules and regulations. 

Similar to the indicator above, the Data Center monitors activity in this area to determine 

whether relevant pending rules and regulations incorporate financial data standards, as 

appropriate.