Office of Financial Research 

Program Summary by Budget Activity 

Dollars in Thousands 

 FY 2021 FY 2022 FY 2023 FY 2022 to 

FY 2023 

Budget Activity Actual Estimate Estimate % Change 

Data Center $3,033 $4,045 $5,630 39.2% 

Technology Center $40,743 $38,320 $40,909 6.8% 

Research and Analysis Center $8,692 $15,184 $20,413 34.4% 

Operations and Support Services $18,066 $20,945 $21,160 1.0% 

Total Cost of Operations $70,534 $78,494 $88,112 12.3% 

Full-time Equivalents (FTE) 111 143 163 14.0% 

Summary 

The Office of Financial Research (OFR or Office) is estimating a fiscal year (FY) 2023 funding 

level of $88.112 million, which is $9.618 million higher than its FY 2022 estimated funding 

level. The FY 2023 Budget includes increases in funding for the Data Center, Technology 

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 DoddFrank Wall Street Reform and Consumer Protection Act of 2010 (P.L. 111-203). It also provides 

for the corresponding technology and operations infrastructure needed to execute that mission 

work. 

Budget Highlights 
Maintaining Current Levels (MCLs) ......................................................+$2,124,000 / +0 FTE 

Pay Annualization +$323,000 / +0 FTE 

Funds are requested for annualization of the January 2022 2.7% average pay raise. 

Pay Raise +$970,000 / +0 FTE 

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

qualifying staff. 

Non-Pay +$831,000 / +0 FTE 

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

equipment. 

Non-Recurring Costs................................................................................-$1,360,000 / +0 FTE 

Non-Recurring Costs -$1,360,000 / +0 FTE 

This efficiency adjustment stems from the execution of non-recurring facilities improvements in 

FY 2022, associated with reentry planning and lease renewal activities. 

Program Increases................................................................................ $8,854,000 / +20 FTE 

Research and Analysis Center $4,793,000 / +9 FTE 

This program increase is driven by new work requirements in support of the Financial Stability 

Oversight Council (FSOC) and the Administration’s emerging priorities: short-term funding 

markets, asset management/hedge fund monitoring, environmental risks, digital 

assets/cryptocurrencies, and cybersecurity. It responds to growing demands for research on 

financial stability, especially risks and vulnerabilities in areas not previously requested from our 

external stakeholders. This includes research related to uncleared bilateral repurchase agreement 

(repo) data and revitalizing a research grants program to drive high-impact research and analysis 

in research areas outside of traditional finance and economics disciplines. 

Technology Center $1,582,000 / +5 FTE 

This program increase is driven by new work requirements in support of a secure cloud 

environment, plus data and dataset management. It responds to: 

 Emerging cybersecurity needs, ensuring an ability to meet evolving demands for secure, 

cloud-based infrastructure. 

 Increasing demands for data sharing and data product functionality and support from internal 

and external stakeholders. This includes the development and maintenance of a climaterelated data and analytics hub serving multiple stakeholder groups. 

 Pursuit of research related to uncleared bilateral repo data and potentially subsequent data 

product work. This scales support for potentially collecting, maintaining, and using the new 

data and related products. 

Data Center $1,453,000 / +2 FTE 

This program increase is driven by new work requirements in support of the OFR’s data 

products, including financial monitors, and responds to: 

 Expanding requirements associated with the statutorily-mandated Financial Instrument 

Reference Database (FIRD). The FIRD was initially mandated within the Dodd Frank Act. 

Increased funding herein supports the analysis and integration of new reference data into the 
FIRD, based on emerging X9D1

 Industry Forum recommendations that will inform the future 

shape of the FIRD. 

 Higher than anticipated workloads for monitor production, review, and publication due to 

rapidly changing market conditions, limited data availability, and varying levels of data 

quality. This supports the development of a framework that defines a path from conception 

to production for machine learning products, performing exploratory data analysis for the 

development of new data visualizations, and increasing the interpretability of complex 

financial data. 

 Increasing demands for data sharing and data product functionality and support from internal 

and external stakeholders. This includes the development and operation of a climate-related 

data and analytics hub serving multiple stakeholder groups. An updated Climate Data Hub 

would serve additional FSOC stakeholders beyond the Federal Reserve Board and Federal 

Reserve Bank of New York in FY 2023. 

 Growing standards work initiatives raised by OFR’s global and domestic partners. This 

increase responds to the increased engagements with the Department of the Treasury’s Office 

of International Financial Markets in the financial standards work of the OFR and the FSOC. 

Operations and Support Services $1,026,000 / +4 FTE 

This program increase stems from process and program improvement efforts begun in FY 2021, 

which enhanced the effectiveness of the OFR’s operational functions. This included focused 

service improvements for strategic planning, resource management, risk management, and 

organizational performance measurement and monitoring, as well better use of data for decision 

making through improved tools and visualizations. 

Legislative Proposals 

The OFR has no legislative proposals. 

Performance Highlights FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 

Budget Activity Performance Measure Actual Actual Actual Target Target 

Data Center 

Number of Legal Entity Identifiers 

Issued Cumulatively in the United 

States and Internationally 

1,487,695 1,733,473 

 

1,941,554 

 

I I 

Data Center 

Number of Times That Financial 

Data Standards are Incorporated in 

Rules and Regulations 

1 3 2 I I 

Key: I – Indicator

Description of Performance 

While promotion of the Legal Entity Identifier (LEI) remains a foundational standards focus for 

the OFR, the Data Strategy and Standards (DSS) team continues to play a leading role in the 

development of international consensus for, and governance of, vital identifiers for products, 

transactions, and the data elements critical to derivatives market reporting and regulation. 

Throughout FY 2023, the team will identify and analyze data standards gaps and the potential to 

fill them. Specific engagements include contributing to the further development of the Natural 

Person Identifier (ISO 24366), a new standard of the International Organization for 

1

X9D is a Subcommittee of the Accredited Standards Committee X9, accredited by the American National 

Standards Institute to develop and maintain voluntary consensus standards for the financial services industry. 
Standardization. This standard provides specifications to uniquely identify the natural person 

relevant to any financial transaction. In addition, DSS will continue providing Secretariat 

support for the Regulatory Oversight Committee (ROC), delivering expert knowledge of 

standards and service to its members. 

The DSS team also leads the standards development of the Financial Instrument Reference 

Database (FIRD) and will conduct analysis and validation of open datasets for use in future 

phases of the FIRD. This includes identifying industry data standards requirements obtained 

from the X9 Industry Forum for Financial Terms Harmonization and integrating new 

functionality into the OFR’s FIRD. This effort will be conducted in the X9 Industry Forum for 

Financial Terms Harmonization, with OFR as Chair.