Office of Financial Research 

Program Summary by Budget Activity 

Dollars in Thousands 

 FY 2020 FY 2021 FY 2022 FY 2021 to 

FY 2022 

Budget Activity Actual Estimated Estimated % Change 

Data Center $2,771 $3,576 $3,710 3.7% 

Technology Center $35,739 $35,750 $37,541 5.0% 

Research and Analysis Center $7,340 $13,290 $14,718 10.7% 

Operations and Support Services $17,237 $19,565 $19,302 -1.3% 

Total Cost of Operations $63,087 $72,181 $75,271 4.3% 

Full-time Equivalents (FTE) 102 128 145 13.3% 

Note: The assessments, recoveries, interest and FTE estimates in the table above differ from the amounts in the 2022 President’s Budget. 

This difference is primarily due to adjustments made subsequent to the Appendix submission to account for lower interest income, 

higher-than-anticipated recoveries and anticipated carryover funding from FY 2020 to FY 2021, as well as slower than anticipated hiring. 

Summary 

The OFR was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act 

of 2010 to assist the Financial Stability Oversight Council (FSOC) and its member agencies 

though research, analytic tools, and data-related support on issues related to financial stability. 

Serving principally the FSOC and its member agencies, the OFR is tasked with improving the 

quality, transparency, and accessibility of financial data and information; assessing and 

monitoring threats to financial stability; conducting and sponsoring research related to financial 

stability; and promoting best practices in risk management. 

The Office of Financial Research (OFR or Office) is estimating a fiscal year (FY) 2022 funding 

level of $75.271 million, which is $3.090 million higher than its FY 2021 estimated funding 

level. The FY 2022 Budget includes increases in funding for both the Technology Center and 

Research and Analysis Center (RAC). The increased funding will assist these offices as they 

continue to build out their infrastructure in support of OFR’s legislative mandate under the 

Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (P.L. 111-203). 
Budget Highlights 

Dollars in Thousands 

 FTE Amount 

FY 2021 Estimate 128 $72,181 

Changes to Base: 

Maintaining Current Levels (MCLs): 0 $1,051 

FERS Contribution Increase 0 $276 

Non-Pay 0 $775 

Non-Recurring Costs 0 ($2,651) 

Subtotal Changes to Base 0 ($1,600) 

FY 2022 Current Services 128 $70,581 

Program Changes: 

Program Increases: 17 $4,690 

Increased Staffing 17 $4,690 

Subtotal Program Changes 17 $4,690 

FY 2022 Estimate 145 $75,271 

Note: The assessments, recoveries, interest and FTE estimates in the table above differ from the amounts in the 2022 President’s Budget. 

This difference is primarily due to adjustments made subsequent to the Appendix submission to account for lower interest income, 

higher-than-anticipated recoveries and anticipated carryover funding from FY 2020 to FY 2021, as well as slower than anticipated hiring. 

Budget Adjustments 

Maintaining Current Levels (MCLs) ......................................................+$1,051,000 / +0 FTE 

FERS Contribution Increase +$276,000 / +0 FTE 

Funds are requested for the Federal Employee Retirement System (FERS) contribution rates 

effective FY 2022. 

Non-Pay +$775,000 / +0 FTE 

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

equipment. 

Non-Recurring Costs................................................................................-$2,651,000 / +0 FTE 

Non-Recurring Costs -$2,651,000 / +0 FTE 

The OFR’s FY 2022 request redirects non-labor cost savings from Operations and 

Administrative Support Services that included non-recurring investments as part of the OFR’s 

migration to a cloud-based infrastructure and short-term initiatives in FY 2021. 

Program Increases ....................................................................................+$4,690,000 / +17 FTE 

Increased Staffing +$4,690,000 / +17 FTE 

The FY 2022 staffing model continues the OFR’s planned recruitment that came out of its 

reshaping; the OFR will bring its workforce up to the targeted 145 FTE. This includes 6 

additional FTEs in the Research and Analysis Center to support long-term research and 

monitoring initiatives. It also includes 6 FTEs within the Technology Center and 5 FTEs within 

the Operations Division to support the IT and operational support infrastructure needed for the 

OFR’s research and data efforts. Funds are also requested for anticipated increases to labor costs 

to include merit pay increases for qualifying current staff. 
Legislative Proposals 

The OFR has no legislative proposals. 

Performance Highlights 

 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

Budget Activity Performance Measure Actual Actual Actual Target Target 

Data Center 

Number of LEIs Issued 

Cumulatively in the United States 

and Internationally 

 1,300,832 1,487,695 1,733,473 I I 

Data Center 

Number of Times That Financial 

Data Standards are Incorporated 

in Rules and Regulations 

4 1 3 I I 

Key: I – Indicator

Description of Performance 

During FY 2020, the number of Legal Entity Identifiers (LEIs) issued continued its upward 

trend, increasing by approximately 16 percent from the prior year. The Data Center will 

continue its strategy of engagement with financial data standards-setting organizations. 

Additionally, in FY 2020 the OFR saw an uptick in rules that incorporate use of financial data 

standards, with two final rules and a rule change that covered the LEI, among other matters. 

In addition to its LEI work, the OFR is continuing to fulfill its data-related mandates through 

an array of initiatives, including publication of a new daily data release on transactions in the 

$4 trillion market for U.S. centrally-cleared repurchase agreements (repos), which provide 

funding to securities dealers and others. The Technology Center will continue making 

enhancements to the data series into the next fiscal year and beyond, including validation and 

transformation of the collected data to support business uses. This budget request provides for 

the needed capacity and capabilities to support this critical daily collection. 

The OFR is also focusing on engaging with FSOC and others to drive its research agenda and to 

help identify the tools needed for risk monitoring. The Research and Analysis Center will also 

work on enhancing its existing monitoring tools. Throughout FYs 2021 and 2022, the Research 

and Analysis Center 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 

Center 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 Center 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.