Department of the Treasury 

Office of Financial Research 

Congressional Budget 

Justification and Annual 

Performance Plan and Report 

FY 2024 

 
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 ................................................................................................. 5

C – Budget Increases and Decreases Description ....................................................................... 5

1.3 – Object Classification (Schedule O) Obligations ................................................................ 7

D – Appropriations Language and Explanation of Changes ...................................................... 7

E – Legislative Proposals ............................................................................................................ 7

Section II – Annual Performance Plan and Report ................................................................... 8

A – Strategic Alignment ............................................................................................................. 8

B –Budget and Performance by Budget Activity ....................................................................... 9

2.1.1 – Data Center Resources and Measures ............................................................................. 9

Data Center Budget and Performance ......................................................................................... 9

2.1.2 – Technology Center Resources and Measures ............................................................... 12

Technology Center Budget and Performance ........................................................................... 12

2.1.3 – Research and Analysis Center Resources and Measures .............................................. 12

Research and Analysis Center Budget and Performance .......................................................... 12

2.1.4 – Operations and Support Services Resources and Measures ......................................... 14

Operations and Support Services Budget and Performance ..................................................... 14

Section III – Additional Information ........................................................................................ 14

A – Summary of Capital Investments ....................................................................................... 14

 

 
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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, accountable, and resilient financial system. 

B – Summary of the Request 

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. When fully operational, OFR’s Joint Analysis Data 

Environment will be equipped with a variety of financial stability related data, high-powered 

computing, and analytic software, available to all FSOC member agencies. While climate-related 

data was the focus for the pilot use of the environment, the Joint Analysis Data Environment will 

provide tools that are able to accommodate a wide range of financial stability related data and 

analysis. 

1.1 – Resource Detail Table 

Dollars in Thousands 

Budgetary Resources 

FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024 

Actual Revised Estimate Estimate % Change 

FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT 

Revenue/Offsetting Collections 

Assessments 0 $77,418 0 $98,674 0 $107,472 NA 8.92% 

Interest 0 $472 0 $2,027 0 $2,270 NA 12.01% 

Recoveries 0 $6,266 0 $880 0 $1,056 NA 20.00% 

Restoration of Sequestration Rescission 0 $3,441 0 $4,440 0 $5,740 NA 29.29% 

Unobligated Balances from Prior Years 0 $46,411 0 $52,834 0 $51,843 NA -1.88% 

Total Revenue/Offsetting Collections 0 $134,008 0 $158,855 0 $168,381 NA 6.00% 

Expenses/Obligations 

Data Center 10 $3,321 16 $15,062 21 $22,824 31.25% 51.53% 

Technology Center 53 $47,397 67 $48,137 83 $37,322 23.88% -22.47% 

Research and Analysis Center 25 $8,335 31 $16,789 39 $20,604 25.81% 22.72% 

Operations and Support Services 31 $17,681 34 $21,284 41 $24,975 20.59% 17.34% 

Total Obligations 119 $76,734 148 $101,272 184 $105,725 24.32% 4.40% 

Sequestration Reduction -$4,440 -$5,740 -$6,255 

Net Results 119 $52,834 148 $51,843 184 $56,401 24.32% 8.79% 

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

2) For information regarding current and historical assessment rates: https://www.financialresearch.gov/strategy-budget/ 

3) 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. 
OFR - 4 

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. 
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1.2 – Budget Adjustments Table 

Dollars in Thousands 

 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 (it was initially moved to the Technology 

Center in FY 2019). This decision is part of a broader effort to have data-related decision making 
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and costs be under the oversight of the Data Center, rather than under the Technology Center. 

This aligns with planned work to establish the OFR’s Joint Analysis Data Environment and with 

the role of the Deputy Director of Data, which serves as the OFR’s Chief Data Officer. This 

change enables the OFR to more efficiently, effectively, and strategically manage data as an 

asset and as a component of the Office’s data products and services to best serve the OFR’s 

needs and those of the FSOC and its member agencies. 

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. This includes the development and maintenance of the OFR Joint 

Analysis Data Environment serving multiple stakeholder groups. 

 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 internal formal data collection utility, which will serve as the technology 

infrastructure for the permanent collection of non-centrally cleared bilateral repurchase 

agreement (repo) data in FY 2024. 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. 

 
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1.3 – Object Classification (Schedule O) Obligations 

Dollars in Thousands 

 FY 2022 FY 2023 FY 2024 

Object Classification 

Actual 

Obligations 

Revised Estimated 

Obligations Estimate 

11.1 - Full-time permanent 22,584 27,839 36,244 

11.3 - Other than full-time permanent 0 8 9 

11.5 - Other personnel compensation 766 972 1,128 

11.9 - Personnel Compensation (Total) 23,350 28,819 37,381 

12.0 - Personnel benefits 9,663 10,240 13,491 

Total Personnel and Compensation Benefits $33,013 39,059 50,872 

21.0 - Travel and transportation of persons 37 49 47 

23.3 - Communications, utilities, and miscellaneous charges 149 221 210 

24.0 - Printing and reproduction 7 5 5 

25.1 - Advisory and assistance services 23,991 36,994 26,248 

25.2 - Other services from non-Federal sources 568 857 815 

25.3 - Other goods and services from Federal sources 17 28 26 

25.6 - Medical care 0 0 0 

25.7 - Operation and maintenance of equipment 7,472 4,014 3,819 

26.0 - Supplies and materials 10,231 15,517 20,263 

31.0 - Equipment 1,165 2,890 1,659 

32.0 - Land and structures 84 138 131 

41.0 - Grants, subsidies, and contributions 0 1,500 1,629 

Total Non-Personnel $43,721 62,213 54,853 

Total Obligations $76,734 101,272 105,725 

 

Full-time Equivalents (FTE) 119 148 184 

 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. 

 
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Section II – Annual Performance Plan and Report 

A – Strategic Alignment 

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 

through 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. 

OFR priorities for FY 2024 include: 

1. Expanding access to the OFR Climate and Analytics Hub with the OFR Joint Analysis Data 

Environment. 

a. Providing FSOC member agencies access to a fully operational Joint Analysis Data 

Environment; expanding its collection of hub data to include financial stability related 

public, academic, and commercial data sources on multiple topics; and increasing its 

analytical software offerings. 

b. Providing high-powered computing, analysis-ready data, and analytic software in a 

secure, collaborative environment to users from FSOC member agencies (including 

Treasury and the Federal Reserve Board). The OFR Joint Analysis Data Environment 

will enable users to securely share code and data. 

2. Closing out the FY 2022 non-centrally cleared bilateral repo data collection and outreach 

pilot and establishing a permanent data collection. 

3. Continuing research and analysis of pilot data and publication of several products related to 

its findings. 

4. Establishing a permanent data collection of non-centrally cleared bilateral repo. The OFR 

will publish a notice of proposed rulemaking for the data collection and review and respond 

to public comments with the goal of developing and publishing a final rule. 

5. Continued planning and implementation of processes and infrastructure needed to collect 

daily repo transaction data from an estimated 40 financial firms that are likely to be covered 

under a final rule. This includes hiring of additional personnel needed to interface with 

covered reporters and manage the collection. 

6. Expanding research and analysis in the emerging priority areas; gathering non-traditional 

data through surveys to inform our understanding of financial risks; and modernizing the data 

product framework for long-term sustainability in support of better data use. 

The OFR 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, comparability, and interoperability 

of financial data needed for regulatory oversight work. 

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 
OFR - 9 

data, strong research expertise, and capable and flexible information technology 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. 

OFR will continue 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. 

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

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

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

2024 includes a range of initiatives related to human capital. The OFR will continue building on 

Federal Employee Viewpoint Survey results and other workforce data 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 

Dollars in Thousands FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Actual Revised 

Estimate Estimate 

Expenses/Obligations $15,967 $5,849 $2,771 $3,033 $3,321 $15,062 $22,824 

Budget Activity Total $15,967 $5,849 $2,771 $3,033 $3,321 $15,062 $22,824 

Full-time Equivalents (FTE) 42 9 9 10 10 16 21 

 

Performance Measure 

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

Actual Actual Actual Actual Actual Target Target Target 

Number of Legal Entity Identifiers 

(LEIs) Issued Cumulatively in the United 

States and Internationally 

 

1,300,832 

 

1,487,695 

 

1,733,473 

 

1,941,554 

 

2,206,195 I I I 

Number of Times That Financial Data 

Standards are Incorporated in Rules and 

Regulations 

1 1 3 2 0 I I I 

Percent of monitors updated or expanded 

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

Key: I – Indicator

Data Center Budget and Performance 

($22,824,000 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 
OFR - 10 

and Standards. The Data Center also acquires commercial, nonpublic, and proprietary data 

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

Data Products 

The Data Products Team was launched at the start of FY 2019 to provide industry liaison support 

for the OFR’s financial stability risk monitors. The team serves as the product integrator of the 

overall vision, management, and implementation of the data products program at the OFR. It 

continues to mature from a basic product promotion and support function to a unit that 

incorporates elements of data science in expanding the ability to gain deeper insight from 

financial markets data and data the OFR produces. The team also serves as a product owner in 

various cross-functional OFR teams—comprised of subject matter experts, engineers, and 

product designers—that facilitate issue resolution, promote enterprise-wide collaboration, and 

balance scope and resources. 

An OFR data product is an asset whose primary function is to leverage data in a recurring and 

reproducible manner, to provide financial market transparency, analytical insights, or to make 

the organization’s work more efficient and effective. This holistic view encompasses 

functionality (the product features), technology that enables the product features, user experience

design that presents this functionality, and how the OFR attracts users and promotes product 

adoption. Data products also include offline experiences (e.g. training), that are essential to 

delivering the products’ value, and automations that make OFR’s work more efficient and 

effective. Each data product meets OFR quality control, compliance, and records management 

standards. 

Throughout FYs 2023 and 2024, the team will continue efforts to enhance and expand the OFR’s 

financial monitors. For FY 2024, 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 

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 Joint Analysis Data 

Environment. As part of this effort, it will produce and disseminate a lessons-learned report for 

the Climate Data and Analytics Hub pilot. As directed, it will continue to support FSOC and 

OFR climate-related financial research. 

Data Strategy and Standards 

The Data Strategy and Standards (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 
OFR - 11 

elements critical to derivatives market reporting and regulation. Throughout FYs 2023 and 2024, 

the team will also continue analyses to identify data standards gaps and formulate plans to fill 

them as deemed necessary. 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. 

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 effort will be conducted in the X9 Industry Forum for Financial Terms 

Harmonization, with OFR as Chair. The DSS team will also continue to work with Treasury’s 

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 and 

blockchain. 

The OFR Data Center monitors progress through the following key performance indicators:1

 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. 

Throughout FYs 2023 and 2024, the team will continue its efforts to ensure the OFR meets its 

standards mandates. The team will mature the OFR’s role supporting the Secretariat for the ROC 

and will deliver expert knowledge of standards and service to its members. The team is also 

focused on developing and delivering multiple climate data taxonomies or ontologies as 

requested to fulfil the requirements to complete the OFR Joint Analysis Data Environment; 

contributing standards requirements and compliance validation for uncleared bilateral repo data; 

and identifying industry data standards requirements obtained from the X9 Industry Forum for 

Financial Terms Harmonization and integrating new functionality into the OFR’s FIRD. The 

team will also expand the OFR’s standards guidance and support for main Treasury and the 

1

Note that these are not measures but, rather, are 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. 
OFR - 12 

FSOC to meet deliverables in payments, digital currency, digital identity, blockchain and 

potential international risks from new standards initiatives. 

2.1.2 – Technology Center Resources and Measures 

Dollars in Thousands 

 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Actual Revised 

Estimate Estimate 

Expenses/Obligations $23,530 $28,278 $35,739 $40,743 $47,397 $48,137 $37,322 

Budget Activity Total $23,530 $28,278 $35,739 $40,743 $47,397 $48,137 $37,322 

Full-time Equivalents (FTE) 52 47 47 50 53 67 83 

Technology Center Budget and Performance 

($37,322,000 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. To advance Treasury’s strategic goal to promote financial stability, the Technology Center 

provides mission-critical technology resources needed to produce financial stability monitors, 

research, and briefings for the FSOC and other stakeholders, and evaluations of financial 

stability policies. The Technology Center is responsible for providing 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 Technology Center’s focus in FYs 2023 and 2024 will be on several major initiatives that 

will require infrastructure growth in the near future. As the OFR engages more intensively in 

the development of the Joint Analysis Data Environment, the Office will build and expand its 

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

anticipates additional development, data storage, and security controls to support the collection 

of uncleared bilateral repo data. 

2.1.3 – Research and Analysis Center Resources and Measures 

Dollars in Thousands FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Actual Revised 

Estimate Estimate 

Expenses/Obligations $12,302 $8,238 $7,340 $8,692 $8,335 $16,789 $20,604 

Budget Activity Total $12,302 $8,238 $7,340 $8,692 $8,335 $16,789 $20,604 

Full-time Equivalents (FTE) 42 24 21 21 25 31 39 

 

Performance Measure 

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

Actual Actual Actual Actual Actual Target Target Target 

Timeliness of responses to FSOC 

research and analysis requests N/A N/A 100% 100% 95% 95% 95% 95% 

Research and Analysis Center Budget and Performance 

($20,604,000 from Assessments): 

The OFR’s Research and Analysis Center (RAC) conducts applied research and analysis and 

essential long-term research on systemic risk, macroprudential policy, and financial stability to 
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support the stability of the U.S. financial system. RAC’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 Research, Analysis, and Risk Monitoring Tools 

RAC contributes to many FSOC priorities as well as other initiatives that relate to financial 

stability analysis. One major component is the monitoring and analysis of risk channels and 

vulnerabilities related to asset management. RAC contributes to this FSOC initiative through the 

FSOC Hedge Fund Working Group. In FYs 2023 and 2024, 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 line of work broadly supports the Interagency Working Group 

on Treasury Market Liquidity, comprised of several financial regulatory agencies. The objective 

of this working group is to maintain and develop additional resilience of U.S. Treasury markets 

and support furthering Treasury’s strategic objective for Transparency in the Financial System 

(objective 2.4). 

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 goal to Protect 

Financial Stability and Resiliency (goal 3), 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 among these framework risks is 

the threat posed by cybersecurity disruptions, in line with Treasury’s strategic objective on Cyber 

Resiliency of Financial Systems and Institutions (objective 2.1). Finally, RAC is supporting 

FSOC’s need for subject matter expertise on climate-risk related data to support analysis of risks 

related to climate change on the financial system, in support of Treasury’s strategic objective on 

Climate Related Financial Risk (objective 4.3). Additional staffing through Intergovernmental 

Personnel Act (IPA) and detail arrangements with other government agencies will provide 

interdisciplinary and subject matter expertise on the nexus of climate-related and financial 

system risks. 

Throughout FYs 2023 and 2024, 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. RAC will continue to respond to FSOC’s specific requests for research and 

analysis. 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. 

RAC will continue to provide thought leadership, research, and analysis to enhance the OFR’s 

existing financial monitoring tools. An important initiative this year is the development of 
OFR - 14 

metrics for assessing the risks of central counterparties (entities that help facilitate trading in 

derivatives and equities markets) and the potential for contagion if a central clearing 

counterparty should default. 

2.1.4 – Operations and Support Services Resources and Measures 

Dollars in Thousands 

 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Actual Revised 

Estimate Estimate 

Expenses/Obligations $24,226 $17,496 $17,237 $18,066 $17,681 $21,284 $24,975 

Budget Activity Total $24,226 $17,496 $17,237 $18,066 $17,681 $21,284 $24,975 

Full-time Equivalents (FTE) 49 25 25 30 31 34 41 

Operations and Support Services Budget and Performance 

($24,975,000 from Assessments): 

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

Division, 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 assisted by Chief Counsel’s Office. These initiatives will continue across 

FYs 2023 and 2024. 

Key objectives for FYs 2023 and 2024 for Enterprise Risk Management (ERM) include 

development of an enterprise risk inventory, expansion of the OFR’s annual ERM assessment to 

cover additional types of risk, and implementation of the OFR’s first ERM maturity assessment. 

This work will be accomplished through integrated planning and selected stand-alone activities, 

such as leadership interviews. 

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 accessed at: 

https://www.treasury.gov/about/budget-performance/Pages/summary-of-capitalinvestments.aspx.