Department of the Treasury 

Office of Financial Research 

Congressional Budget 

Justification and Annual 

Performance Plan and Report 

FY 2023 

 
OFR - 2 

Table of Contents 

Section I - Budget Request ........................................................................................................... 3

A – Mission and Vision Statement ............................................................................................. 3

B – Summary of the Request ...................................................................................................... 3

1.1 – Resource Detail Table ........................................................................................................ 3

1.2 – Budget Adjustments Table ................................................................................................. 4

1.3 – Object Classification (Schedule O) Obligations ................................................................ 6

D – Appropriations Language and Explanation of Changes ...................................................... 6

E – Legislative Proposals ............................................................................................................ 6

Section II – Annual Performance Plan and Report ................................................................... 7

A – Strategic Alignment ............................................................................................................. 7

B –Budget and Performance by Budget Activity ....................................................................... 8

2.1.1 – Data Center Resources and Measures ............................................................................. 8

Data Center Budget and Performance ......................................................................................... 8

2.1.2 – Technology Center Resources and Measures ............................................................... 10

Technology Center Budget and Performance ........................................................................... 10

2.1.3 – Research and Analysis Center Resources and Measures .............................................. 11

Research and Analysis Center Budget and Performance .......................................................... 11

2.1.4 – Operations and Support Services Resources and Measures ......................................... 12

Operations and Support Services Budget and Performance ..................................................... 12

C – Changes in Performance Measures .................................................................................... 13

Section III – Additional Information ........................................................................................ 13

A – Summary of Capital Investments ....................................................................................... 13

 
OFR - 3 

Section I - Budget Request 

A – Mission and Vision Statement 

Mission: Promote financial stability by delivering high-quality financial data, standards, and 

analysis principally to support the Financial Stability Oversight Council (FSOC) and its member 

agencies. 

Vision: A transparent, efficient, and stable financial system. 

B – Summary of the Request 

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. 

1.1 – Resource Detail Table 

1) The OFR is financed through assessments on certain bank holding companies and nonbank financial companies. See Treasury’s final rule. 

2) The funding for the first six months of operating expenses and 12 months of capital expenses are reflected in Unobligated Balances from Prior 

Years. This is because the first assessment covering the fiscal year beginning October 1 is collected on September 15 of the prior fiscal year. 

 

Dollars in Thousands

Budgetary Resources

FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

Revenue/Offsetting Collections 

Assessments 0 $60,339 0 $81,719 0 $83,083 NA 1.7%

Interest 0 $32 0 $44 0 $88 NA 100.0%

Recoveries 0 $1,390 0 $3,520 0 $3,520 NA 0.0%

Restoration of Sequestration Rescission 0 $3,849 0 $3,441 0 $4,660 NA 35.4%

Unobligated Balances from Prior Years 0 $54,725 0 $46,360 0 $51,929 NA 12.0%

Total Revenue/Offsetting Collections 0 $120,335 0 $135,083 0 $143,280 NA 6.1%

Expenses/Obligations 

Data Center 10 $3,033 13 $4,045 15 $5,630 15.4% 39.2%

Technology Center 50 $40,743 62 $38,320 67 $40,909 8.1% 6.8%

Research and Analysis Center 21 $8,692 34 $15,184 43 $20,413 26.5% 34.4%

Operations and Support Services 30 $18,066 34 $20,945 38 $21,160 11.8% 1.0%

Total Expenses/Obligations 111 $70,534 143 $78,494 163 $88,112 14.0% 12.3%

Sequestration Reduction ($3,441) ($4,660) ($4,741)

Net Results 111 $46,360 143 $51,929 163 $50,427 14.0% -2.9%

FY 2021 FY 2022 FY 2023 FY 2022 to FY 2023

Actual Estimate Estimate % Change
OFR - 4 

1.2 – Budget Adjustments Table 

C – Budget Increases and Decreases Description 

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 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 

FTE Amount

FY 2022 Estimate 143 $78,494

Changes to Base:

Maintaining Current Levels (MCLs): 0 $2,124

Pay Annualization 0 $323

Pay Raise 0 $970

Non-Pay 0 $831

Non-Recurring Costs for Facilties Upgrades 0 ($1,360)

Subtotal Changes to Base 0 $764

FY 2023 Current Services 143 $79,258

Program Changes:

Program Increases: 20 $8,854

Research and Analysis Center 9 $4,793

Technology Center 5 $1,582

Data Center 2 $1,453

Operations and Support Services 4 $1,026

FY 2023 Estimate 163 $88,112

Dollars in Thousands
OFR - 5 

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 includes 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. 

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. 
OFR - 6 

1.3 – Object Classification (Schedule O) Obligations

1) Personnel compensation and benefits include direct OFR staff members only. Object Classification 25.3, “Other goods and services from 

Federal sources,” and expenditures of “Operations and Support Services” include reimbursable support received from Treasury’s Departmental 

Offices; personnel benefits services from the Office of the Comptroller of the Currency; and, services from Treasury’s Bureau of the Fiscal 

Service Administrative Resource Center, including human resource, procurement, travel, and financial management services. 

D – Appropriations Language and Explanation of Changes

The OFR receives no appropriations from Congress. 

E – Legislative Proposals 

The OFR has no legislative proposals. 

 

Dollars in Thousands

FY 2021 FY 2022 FY 2023

Object Classification

Actual 

Obligations

Estimated 

Obligations

Estimated

Obligations

11.1 - Full-time permanent 20,901 26,508 31,168

11.3 - Other than full-time permanent 6 7 8

11.5 - Other personnel compensation 475 529 623

11.9 - Personnel Compensation (Total) 21,382 27,045 31,799

12.0 - Personnel benefits 8,545 9,919 11,663

Total Personnel and Compensation Benefits $29,927 $36,964 $43,461

21.0 - Travel and transportation of persons 7 450 450

23.3 - Communication, utilities, and misc charges 125 128 137

24.0 - Printing and reproduction 4 4 4

25.1 - Advisory and assistance services 23,230 23,765 25,543

25.2 - Other services 21 21 23

25.3 - Other purchases of goods & serv frm Govt accounts 730 747 803

25.7 - Operation and maintenance of equip 7,373 7,091 6,597

26.0 - Supplies and materials 8,378 8,568 8,781

31.0 - Equipment 640 655 704

32.0 - Land and structures 99 101 109

41.0 - Grants, subsidies, and contributions 0 0 1,500

Total Non-Personnel 40,607 41,530 44,651

Total Budgetary Resources $70,534 $78,494 $88,112

Full-time Equivalents (FTE) 111 143 163
OFR - 7 

Section II – Annual Performance Plan and Report 

A – Strategic Alignment 

This year, the OFR is working to align budget activities and performance measures to the new 

objectives in the Treasury FY 2022 – 2026 Strategic Plan. This work will include benchmarking 

performance and may result in changes to performance measures in the FY 2024 budget. 

 Goal 2 – Enhance National Security 

o Objective 2.1 – Cyber Resiliency of Financial Systems and Institutions 

 Goal 3 – Protect Financial Stability and Resiliency 

o Objective 3.1 – Financial System Vulnerabilities 

 Goal 5 – Modernize Treasury Operations 

o Objective 5.1 – Recruit and Retain a Diverse and Inclusive Workforce 

o Objective 5.3 – Better Use of Data 

o Objective 5.4 – Customer Experience Practices 

OFR priorities for FYs 2022 and 2023 include: 

1. Conducting relevant research and providing timely financial stability analysis and data 

products to the FSOC, its member agencies, and other stakeholders. 

2. Administering highly secure and efficient service-oriented technology, data collection, data 

management, and data mandate-oriented programs; continuing engagement as an essential 

source of standards expertise in domestic and international fora; and becoming a source of 

standardized data necessary for financial stability risk measurement and monitoring. 

3. Strengthening management accountability and employee engagement to continuously 

improve support for the FSOC and its member agencies. 

The Office will continue to focus on monitoring risks to financial stability and enhancing and 

expanding tools for the OFR, FSOC, and FSOC member agencies to monitor those risks. The 

OFR will continue to provide stakeholders with high-quality, timely research and policy analysis. 

The OFR will also continue its work to identify and fill financial data gaps and to develop and 

implement financial data standards that underpin the quality and comparability of financial data 

needed for regulatory oversight work. Specific examples of this work include the OFR’s 

ongoing data collection of centrally-cleared repurchase agreements as well as support for the 

Secured Overnight Financing Rate, the Alternative Reference Rates Committee’s preferred 

alternative to LIBOR. It also includes the exploration of a potential uncleared bilateral 

repurchase agreement data collection and how the OFR could serve as a climate data hub. 

The OFR will continue to publish its statutorily-mandated Annual Report that assesses the state 

of the U.S. financial system and presents key findings from the OFR’s research. High quality 

data, strong research expertise, and capable and flexible information technology (IT) are 

essential to continue to support these assessments. The OFR will continue to assist the FSOC 

Secretariat by providing data, analysis, and other resources needed for the FSOC’s annual report 

to Congress. In addition, as of December 2021, the OFR took on the role of Secretariat of the 

Regulatory Oversight Committee (ROC), an international group of financial market regulators, 

public authorities, and observers from more than 50 countries. 
OFR - 8 

The OFR is maturing its human capital strategy to foster a high-performing and inclusive team, 

support employee engagement, and to strengthen its management team. Recognizing that 

organizational excellence is necessary for the OFR to achieve its mission, work slated for FYs 

2022 and 2023 includes a range of initiatives related to human capital. The OFR will continue 

building on Federal Employee Viewpoint Survey results with a focus on internal 

communications, workforce planning, and learning and development. This also includes the 

deployment of a competency model that helps the OFR better understand existing staff’s learning 

and development needs while improving understanding and planning related to the OFR’s 

staffing pipeline. The OFR will continue maturing its organizational performance management, 

enterprise risk management, and enterprise-level strategic, tactical, and budget planning 

programs. 

B –Budget and Performance by Budget Activity 

2.1.1 – Data Center Resources and Measures 

 

Data Center Budget and Performance 

($5,630,000 from Assessments):

The Data Center seeks new ways to promote, share, and develop the OFR’s data and data 

analytic products with external stakeholders, and advances the development and use of data 

standards to improve the quality and sharing of data across the regulatory system. The Data 

Center’s efforts are divided into two major focus areas: 1) Data Products, and 2) Data Strategy 

and Standards.

Data Products 

The Data Products Team serves as the product integrator of the overall vision, management, and 

implementation of the OFR’s data products program. The team continues to mature its data 

science capacity, incorporating elements of data science in order to expand the OFR’s ability to 

gain deeper insights from financial markets data and data the OFR produces. 

Throughout FY 2023, the team will continue efforts to enhance and expand the OFR’s financial 

monitors. For FY 2023, Data Products will target having a 95% on-time publication of the 

financial monitors. The team will develop a common user-interface, data, and an analytical 

framework for the OFR’s production of financial monitors; update deprecated production code 

Dollars in Thousands

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Actual Actual Actual Actual Actual Estimate Estimate

Expenses/Obligations $17,833 $15,967 $5,849 $2,771 $3,033 $4,045 $5,630

$17,833 $15,967 $5,849 $2,771 $3,033 $4,045 $5,630

Full-time Equivalents (FTE) 44 42 9 9 10 13 15

Budget Activity Total

 Resource Level 

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023

Measure Actual Actual Actual Actual Actual Target Target Target 

Number of Legal Entity Identifiers (LEIs) Issued 

Cumulatively in the United States and 

Internationally

587,941 1,300,832 1,487,695 1,733,473 1,941,554 I I I

Number of Times That Financial Data Standards 

are Incorporated in Rules and Regulations 4 1 1 3 2II I

Percent of monitors updated or expanded during 

the reporting period N/A N/A N/A N/A 100% 95% 95% 95%

Key: I - Performance Indicator
OFR - 9 

for the Financial Stability Index and Money Market Fund Monitors; and review and update, if 

required, the underlying analytical methodologies of all the OFR’s production financial 

monitors. 

The Data Products team plans to continue to implement the OFR-hosted Climate Data and 

Analytics Hub pilot. As part of this effort, it will produce and disseminate a lessons-learned 

report for the pilot. As directed, it will continue to support FSOC and OFR climate-related 

financial research. The Data Strategy and Standards (DSS) team will support this effort by 

developing and delivering multiple climate data taxonomies or ontologies as requested to fulfill 

the requirements of the OFR-Hosted Climate Data & Analytics Hub pilot. 

Data Strategy and Standards 

The DSS team is the OFR’s principal unit for ensuring the OFR meets its standards mandates. 

To meet these mandates, DSS leads and participates in domestic and international financial data 

standards organizations that meet the definition of a voluntary consensus standards organization, 

as established in the Office of Management and Budget’s Circular No. A-119. Financial data 

standards for financial data benefit regulators and financial market participants by making data 

aggregation easier, improving analysis, and reducing data collection costs. 

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

the OFR, the 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 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 ROC, delivering 

expert knowledge of standards and service to its members. 

The DSS team also leads the standards development of the 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. 

The DSS team will also expand its standards guidance and support for FSOC and main Treasury, 

including the Office of International Financial Markets in research and monitoring of emerging 

standards developments and potential risks in the area of payments, digital currency, digital 

identity, blockchain, and potential international risks from new standards initiatives. The team 

will also contribute standards requirements and compliance validation for uncleared bilateral 

repo data. 
OFR - 10 

The OFR Data Center monitors progress through the following key performance indicators:2

 Number of 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. 

2.1.2 – Technology Center Resources and Measures 

Technology Center Budget and Performance 

($40,909,000 from Assessments):

The OFR Technology Center oversees OFR’s information technology systems and system 

security, including an information technology platform to support analysis of large-scale data 

sets. The Technology Center also acquires commercial, nonpublic, and proprietary data through 

procurements, provider agreements, and the OFR’s own collection activities. To advance 

Treasury’s strategic goal to promote financial stability, the Technology Center provides missioncritical technology resources needed to produce financial stability monitors, research and 

briefings for the FSOC and other stakeholders, and evaluations of financial stability policies. It 

is responsible for secure access to data sets, and maintenance of data lineage, privacy, and 

governance. It provides data stewardship, onboarding, processing, storing, and archiving of data 

and work products. The OFR has internal performance measures for this activity; however, they 

are not public because the measures contain sensitive information. 

 

The Technology Center’s focus in FY 2023 will be on several major initiatives that require 

infrastructure growth in the near future. As the OFR engages more intensively in climate databased financial stability research, the Office will build and expand its information 

infrastructure to support these emerging needs. The Technology Center also anticipates 

2

Note that these are not measures, but indicators because the OFR, through its leadership in standards and regulatory 

oversight bodies and provision of technical guidance to other regulators, can influence these metrics but cannot 

directly control them. 

Dollars in Thousands

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Actual Actual Actual Actual Actual Estimate Estimate

Expenses/Obligations $29,235 $23,530 $28,278 $35,739 $40,743 $38,320 $40,909

$29,235 $23,530 $28,278 $35,739 $40,743 $38,320 $40,909

63 52 47 47 50 62 67

 Resource Level 

Budget Activity Total

Full-time Equivalents (FTE)
OFR - 11 

additional development, data storage, and security controls to support the third phase of the 

FIRD project, the LEI ROC project, and exploration of a potential collection of uncleared 

bilateral repo data. 

Cloud Transition 

Having migrated to the cloud environment, the OFR will shift to building out, implementing, 

and expanding cloud native applications and functionality—such as high performance 

computing, Hadoop, content delivery network, and serverless and scalable application 

programming interface—in support of OFR, FSOC, and ROC projects, data, and research. 

This requires further investment, development, and growth in our cloud infrastructure in FY 

2023. 

2.1.3 – Research and Analysis Center Resources and Measures 

 

Research and Analysis Center Budget and Performance 

($20,413,000 from Assessments): 

The Research and Analysis Center (RAC) conducts applied research and analysis and essential 

long-term research on systemic risk, macroprudential policy, and financial stability to support the 

stability of the U.S. financial system. The Center’s work aims to inform sound policy and 

develop tools for risk monitoring. Working closely with the FSOC, Treasury, the Financial 

Research Advisory Committee, and other key stakeholders, the OFR collaboratively identifies 

important issues that need to be addressed. The OFR focuses its resources on delivering 

impactful results that identify financial system fragilities and vulnerabilities, and the channels 

and sources of risk amplification through which vulnerabilities can affect financial stability. 

Supporting the FSOC and Congress with Timely and Relevant Research, Analysis, and Risk 

Monitoring Tools. 

In FY 2023, the RAC will devote significant effort to the collection and analysis of repo market 

data. This relates to heightened efforts to understand bilateral repo markets as well as 

continuation of analysis around centrally cleared repo markets on U.S. Treasury collateral. This 

strand of work broadly supports the Interagency Working Group on Treasury Market Liquidity, 

comprised of a number of financial regulatory agencies. The objective of this working group is 

to maintain and develop additional resilience of US Treasury markets which supports a major 

FSOC and Treasury strategic priority. 

Dollars in Thousands

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Actual Actual Actual Actual Actual Estimate Estimate 

Expenses/Obligations $15,605 $12,302 $8,238 $7,340 $8,692 $15,184 $20,413

$15,605 $12,302 $8,238 $7,340 $8,692 $15,184 $20,413

53 42 24 21 21 34 43

 Resource Level 

Budget Activity Total

Full-time Equivalents (FTE)

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023

Measure Actual Actual Actual Actual Actual Target Target Target 

Timeliness of responses to FSOC research and 

analysis requests N/A N/A N/A 100% 100% 95% 95% 95%
OFR - 12 

The RAC is also devoting efforts to framework risks for the financial system, those which might 

not present themselves through the lens that financial regulators traditionally contemplate for 

markets and institutions. One of these framework risks is the risk posed to the financial system 

by the growth and adoption of digital assets. Consistent with Treasury’s strategic priorities, the 

RAC is studying the effects on traditional asset classes, changes in incentives, consequences of 

regulatory and policy gaps, and uses of financial innovation by new and existing financial 

institutions. A second framework risk is the threat posed by cybersecurity disruptions. In this 

regard, the RAC has entered a partnership with the Defense Advanced Projects Research Agency 

(DARPA) to develop analysis and technologies for resilience to cybersecurity disruptions to 

digital financial ledgers. As these ledgers are resident in financial market participants and 

utilities that relate to financial stability risks, the partnership has certain applications. 

Throughout FY 2023, the RAC will continue its direct work for the FSOC Secretariat, providing 

support for the FSOC’s annual report to Congress in the form of research, analysis, and other 

resources. The RAC will contribute to the FSOC’s transition to an activities-based approach for 

the non-bank designation process and will continue to respond to specific requests for research 

and analysis. The RAC also provides subject-matter experts to FSOC committees and working 

groups, and routinely collaborates on policy evaluation and financial research with staff from 

FSOC member agencies. Staffers frequently make presentations of their research and analysis to 

FSOC committees, such as the Systemic Risk Committee. 

2.1.4 – Operations and Support Services Resources and Measures 

Operations and Support Services Budget and Performance 

($21,160,000 from Assessments): 

The category “Operations and Support Services” contains the activities of the Director’s Office, 

Operations, and Chief Counsel’s Office. This category includes support provided through a 

shared services model and reimbursable arrangements with Treasury’s Departmental Offices; 

personnel benefits services from the Office of the Comptroller of the Currency; and services 

from Treasury’s Bureau of the Fiscal Service Administrative Resource Center, including services 

related to human resources, procurement, travel, and financial management. 

The OFR has made organizational excellence a critical priority. Initiatives related to Federal 

Employee Viewpoint Survey results, internal communications, workforce planning and 

competency modeling activities, continuous process improvement, organizational performance 

management, and enterprise planning frameworks are led by Operations and guided by the 

Director’s Office and Chief Counsel’s Office. These initiatives will continue across FY 2022 

and FY 2023. 

Dollars in Thousands

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Actual Actual Actual Actual Actual Estimate Estimate

Expenses/Obligations $26,533 $24,226 $17,496 $17,237 $18,066 $20,945 $21,160

$26,533 $24,226 $17,496 $17,237 $18,066 $20,945 $21,160

59 49 25 25 30 34 38

 Resource Level 

Budget Activity Total

Full-time Equivalents (FTE)
OFR - 13 

In coordination with Treasury’s Risk Management Office, Operations will continue to mature its 

enterprise risk management (ERM) program and the integration of ERM into strategic and 

tactical planning and organizational performance measurement. Key objectives for FY 2023 

include conducting an annual enterprise risk review, an enterprise risk maturity assessment, and 

the continuous improvement of OFR operations and support services. 

C – Changes in Performance Measures 

There are no changes in OFR’s performance measures. 

Section III – Additional Information 

A – Summary of Capital Investments 

Capital investments that support OFR are included in the Departmental Offices plan. A 

summary of capital investment resources, including major IT and non-IT investments can be 

viewed and downloaded at: 

http://www.treasury.gov/about/budget-performance/Pages/summary-of-capital-investments.aspx