Department of the Treasury 

Office of Financial Research 

Congressional Budget 

Justification and Annual 

Performance Report and Plan 

FY 2022 

 
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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

1.2 – Object Classification (Schedule O) Obligations ........................................................... 5

E – Appropriations Language and Explanation of Changes ....................................................... 5

F – Legislative Proposals ............................................................................................................ 5

Section II – Annual Performance Plan and Report ................................................................... 6

A – Strategic Alignment ............................................................................................................. 6

B –Budget and Performance by Budget Activity ....................................................................... 7

2.1.1 – Data Center Resources and Measures ............................................................................. 7

Data Center Budget and Performance ......................................................................................... 7

2.1.2 – Technology Center Resources and Measures ................................................................. 9

Technology Center Budget and Performance ............................................................................. 9

2.1.3 – Research and Analysis Center Resources and Measures .............................................. 10

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

2.1.4 – Operations and Support Services Resources and Measures ......................................... 11

Operations and Support Services Budget and Performance ..................................................... 11

C – Evidence-Building Activity ................................................................................................ 12

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

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

 
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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 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) 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). 

1.1 – Resource Detail Table 

Dollars in Thousands FY 2020 FY 2021 FY 2022 FY 2021 to FY 2022 

Budgetary Resources Actual Estimate Estimate % Change 

FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT 

Revenue/Offsetting Collections Assessments 0 $64,761 0 $50,099 0 $70,594 NA 40.9% 

Interest 0 $476 0 $64 0 $440 NA 584.9% 

Recoveries 0 $2,064 0 $4,438 0 $3,080 NA -30.6% 

Restoration of Sequestration 

Rescission 0 $3,563 0 $3,849 0 $2,859 NA -25.7% 

Unobligated Balances from Prior Years 0 $50,420 0 $54,725 0 $38,168 NA -30.3% 

Total Revenue/Offsetting 

Collections 0 $121,285 0 $113,176 0 $115,142 NA 1.7% 

Expenses/Obligations 

Data Center 9 $2,771 11 $3,576 11 $3,710 0.0% 3.7% 

Technology Center 47 $35,739 60 $35,750 66 $37,541 10.0% 5.0% 

Research and Analysis Center 21 $7,340 26 $13,290 32 $14,718 23.1% 10.7% 

Operations and Support Services 25 $17,237 31 $19,565 36 $19,302 16.1% -1.3% 

Total Expenss/Obligations 102 $63,087 128 $72,181 145 $75,271 13.3% 4.3% 

Sequestration Reduction (3,849) (2,859) (4,049) 

Net Results 102 54,349 128 38,136 145 35,822 13.3% -6.1% 

FY 2020 Other Resources and Full-time Equivalents (FTE) reflect actuals. 

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. 

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

 
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1.2 - Budget Adjustments Table 

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. 

C – Budget Increases and Decreases Description 

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. 
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1.2 – Object Classification (Schedule O) Obligations 

Dollars in Thousands 

 FY 2020 FY 2021 FY 2022 

Object Classification 

Actual 

Obligations 

Estimated 

Obligations 

Estimated 

Obligations 

11.1 - Full-time permanent 19,112 24,768 28,214 

11.3 - Other than full-time permanent 0 305 615 

11.5 - Other personnel compensation 338 0 0 

11.9 - Personnel Compensation (Total) 19,450 25,073 28,829 

12.0 - Personnel benefits 7,194 8,358 9,610 

Total Personnel and Compensation Benefits $26,644 $33,431 $38,439 

21.0 - Travel and transportation of persons 77 415 425 

23.3 - Communications, utilities, and miscellaneous charges 116 167 167 

24.0 - Printing and reproduction 14 0 0 

25.1 - Advisory and assistance services 14,073 14,855 13,487 

25.2 - Other services from non-Federal sources 798 938 2,340 

25.3 - Other goods and services from Federal sources 5,842 6,568 6,593 

25.4 - Operation and maintenance of facilities 0 89 90 

25.7 - Operation and maintenance of equipment 5,028 3,565 3,810 

26.0 - Supplies and materials 9,864 9,513 8,805 

31.0 - Equipment 541 2,640 1,115 

32.0 - Land and structures 90 0 0 

Total Non-Personnel $36,443 $38,750 $36,832 

Total Obligations $63,087 $72,181 $75,271 

 

Full-time Equivalents (FTE) 102 128 145 

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. 

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

E – Appropriations Language and Explanation of Changes

The OFR receives no annual appropriations from Congress. 

F – 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 

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. 

In accordance with the Government Performance and Results Act Modernization Act 

(GPRAMA) of 2010, the Department of the Treasury is currently developing the FY 2022 – 

2026 Departmental Strategic Plan. The Strategic Plan is scheduled for publication in 2022. The 

Annual Performance Plan will be updated in the FY 2023 President’s Budget to reflect new 

departmental strategic goals and objectives. 

OFR priorities for FYs 2021 and 2022 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 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 its 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 planned as an alternative to LIBOR. 

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. The OFR will 

also continue in to assist the FSOC Secretariat by providing data, analysis, and other resources 

needed for its annual report to Congress. High quality data, strong research expertise, and 

capable and flexible information technology (IT) are essential to continue to support these 

assessments. 

The OFR is implementing a broad human capital strategy to strengthen management 

accountability and employee engagement. In recognition that organizational excellence is 

necessary for the OFR to achieve its mission, work slated for FYs 2021 and 2022 includes a 
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range of initiatives targeting this area. The OFR will continue work related to Federal Employee 

Viewpoint Survey results. Upcoming work will focus on internal communications, workforce 

planning, organizational performance management, enterprise risk management, and 

establishment of a new framework for enterprise-level strategic and tactical planning, among 

other areas. 

B –Budget and Performance by Budget Activity 

2.1.1 – Data Center Resources and Measures 

Dollars in Thousands 

 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

 Resource Level Actual Actual Actual Actual Actual Estimate Estimate 

Expenses/Obligations $16,477 $17,833 $15,967 $5,849 $2,771 $3,576 $3,710 

Budget Activity Total $16,477 $17,833 $15,967 $5,849 $2,771 $3,576 $3,710 

Full-time Equivalents (FTE) 37 44 42 9 9 11 11 

Measure 

FY 2016 

 Actual 

FY 2017 

Actual 

FY 2018 

Actual 

FY 2019 

Actual 

FY 2020 

Actual 

FY 2020 

Target 

FY 2021 

Target 

FY 2022 

Target 

Number of Legal Entity 

Identifiers (LEIs) Issued 

Cumulatively in the 

United States and 

Internationally 

464,412 587,941 1,300,832 1,487,695 1,733,473 I I I

Number of Times That 

Financial Data Standards 

are Incorporated in Rules 

and 

Regulations 

9 4 1 1 3 I I I

Percent of monitors updated 

or expanded during the 

reporting period 

N/A N/A N/A N/A 100 90 95 95

I = Performance Indicator 

Data Center Budget and Performance 

($3,710,000 from Assessments):

The Data Center seeks new ways to promote and share 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 data products program at the OFR. They serve as product owners 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. 

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 is maturing 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 of data the OFR produces. This work includes developing a 

data science framework to define a path from conception to production for machine learning 
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products, perform exploratory data analysis for the development of new data visualizations, and 

increase the interpretability of complex financial data. 

An OFR data product is a holistic 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 (i.e. training and press conferences), 

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. 

The OFR envisions its data products as high-quality tools for financial monitoring and related 

aims to be used by key stakeholders, such as the FSOC and its member agencies, and other 

stakeholders. Current tools include four online monitors (for more info see sub-section C), links 

to the global Legal Entity Identifier (LEI) system (a data standard that identifies parties to 

financial transactions), and an interagency data inventory, described in more detail below in subsection C on Evidence-Building Activity. In FY 2021, the OFR began phasing in another tool, 

the Financial Instrument Reference Database (FIRD). The FIRD establishes a set of granular 

data that are the basis for creating and describing financial instruments. The foundational 

component is a data dictionary that leverages an international standard for the development of 

financial messages. 

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 participates in domestic and 

international financial data standards organizations that meet the definition of a voluntary 

consensus standards organization, as established in Circular No. A-119 of the Office of 

Management and Budget. 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 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 FYs 2021 and 2022, the team will also 

continue analyses to identify data standards gaps and the potential to fill them. Specific 

engagements include contributing to the International Standards Organization (ISO) 

development of the Unique Production Identifier for Over-The-Counter Derivatives in 

partnership with other FSOC members and integration of Critical Data Elements for Derivatives 

data harmonization into the ISO 20022 standard. 

The DSS team also leads the development of the FIRD and will conduct analysis and validation 

of open datasets for use in future phases of the FIRD. To assist the OFR’s partners in Treasury’s 

Office of International Financial Markets, the DSS team continues to engage in research and 

monitoring of emerging developments in the area of payments. 
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The OFR 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. The Data Center monitors this indicator with the expectation that it will continue 

to rise over time. If that trend were to reverse, the Data Center would revisit its strategies for 

promoting the adoption of this important identifier. 

 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. 

During FY 2020, the number of 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. 

For 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. 

2.1.2 – Technology Center Resources and Measures 

Dollars in Thousands 

 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

 Resource Level Actual Actual Actual Actual Actual Estimate Estimate 

Expenses/Obligations $32,132 $29,235 $23,530 $28,278 $35,739 $35,750 $37,541 

Budget Activity Total $32,132 $29,235 $23,530 $28,278 $35,739 $35,750 $37,541 

Full-time Equivalents (FTE) 61 63 52 47 47 60 66 

Technology Center Budget and Performance 

($37,541,000 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 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. It is responsible for secure access to data sets, and maintenance of 

1

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. 
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data lineage, privacy, and governance. It provides data stewardship, onboarding, processing, 

storing, and archiving of data and work products. 

 

U.S. Centrally-Cleared Repurchase Agreement Data Collection 

In the fourth quarter of FY 2020, the OFR fully operationalized its new daily collection of 

repurchase agreement (repo) data. The OFR also began daily publication of prototype series on 

rates and volumes in three segments of repo markets. These series include information on rates 

and volumes in each segment, with detail available by tenor (the amount of time before that 

contract expires) or collateral. 

The Technology Center will continue to streamline the daily collection processes that include 

validation and transformation of the collected data to support business uses. Another key focus 

is to develop and implement preliminary and final versions of the data release, shifting 

production from the initial prototype. This budget request provides for the needed capacity and 

capabilities to support and mature this critical daily collection. In FY 2021, the OFR is 

establishing baseline experience with the data collection and series publication, which will 

inform the development of potential performance measures in FY 2022. 

 

Cloud Transition 

OFR’s mission requires the use of vast amounts of data to identify financial risks while reducing 

the burden of regulation and direct costs to the public. During the most recent technology 

refresh cycle, the OFR took the opportunity to reevaluate its information technology systems and 

services, taking into account risk management and compliance practices to ensure proper 

protection of all managed data assets. As a result of this evaluation, OFR's three-year strategy 

moves most IT services and infrastructure to the cloud by the end of FY 2022. OFR expects to 

spend an additional $1.3M to finish this work in FY 2021. The OFR has internal performance 

measures for this activity; however, they are not public because the measures contain sensitive 

information. 

2.1.3 – Research and Analysis Center Resources and Measures 

Dollars in Thousands 

 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

 Resource Level Actual Actual Actual Actual Actual Estimate Estimate 

Expenses/Obligations $14,239 $15,605 $12,302 $8,238 $7,340 $13,290 $14,718 

Budget Activity Total $14,239 $15,605 $12,302 $8,238 $7,340 $13,290 $14,718 

Full-time Equivalents (FTE) 54 53 42 24 21 26 32 

 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2020 FY 2021 FY 2022 

Measure Actual Actual Actual Actual Actual Target Target Target 

Timeliness of 

responses to FSOC 

research and 

analysis requests % 

N/A N/A N/A N/A 90 90 95 95 
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Research and Analysis Center Budget and Performance 

($14,718,000 from Assessments): 

The Research and Analysis Center conducts applied research and analysis and essential longterm 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 Council, 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 identifies 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. 

The Research and Analysis Center contributes to nearly all of the OFR’s priorities. In particular, 

the Center is focused on engaging with FSOC and others to drive its research agenda and to help 

identify the tools needed for risk monitoring. 

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 subjectmatter 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. 

The Center will also 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 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 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

 Resource Level Actual Actual Actual Actual Actual Estimate Estimate 

Expenses/Obligations $32,026 $26,533 $24,226 $17,496 $17,237 $19,565 $19,302 

Budget Activity Total $32,026 $26,533 $24,226 $17,496 $17,237 $19,565 $19,302 

Full-time Equivalents (FTE) 56 59 49 25 25 31 36 

Operations and Support Services Budget and Performance 

($19,302,000 from Assessments): 

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

Operations, and Chief Counsel. The category includes support provided through a shared 

services model and reimbursable arrangements with Treasury’s Departmental Offices; personnel 
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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 activities, 

process improvements, organizational performance management, and enterprise planning 

frameworks are led by Operations and guided by the Director’s Office and Chief Counsel. 

In FYs 2021 and 2022, Operations will develop an enterprise risk management program and, in 

cooperation with Treasury’s Chief Risk Officer’s team, conduct an organizational risk 

assessment. Operations will also seek to improve efficiency and effectiveness of strategic and 

tactical planning and organizational performance measurement with a more integrated approach. 

C – Evidence-Building Activity 

The OFR’s overall function and purpose—on behalf of the FSOC—is to provide high-quality 

financial data and data-driven research and analysis to inform policymakers, regulators, financial 

market participants, and the American public about threats to the financial stability of the United 

States. In FY 2020, the OFR delivered a report to Congress covering macroeconomic, credit, 

market, liquidity, and funding risks; leverage in the financial system; potential financial firm 

insolvency and contagion; uncertainty around cybersecurity, natural disasters, the transition from 

LIBOR to alternative reference rates, the United Kingdom’s exit from the European Union; as 

well as an exploration of systemic risk in the information markets. Similar work assessing the 

state of the U.S. financial system will continue during FY 2022 and beyond.

OFR continues 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 centrally 

cleared repos, which provide funding to securities dealers and others. The data release improves 

transparency and risk monitoring of the market; the OFR will continue making enhancements to 

the data series into the next fiscal year and beyond. 

The OFR has also continued its work to provide data-driven tools for risk measurement and 

monitoring and make them available to the public. Current offerings include: 

 Bank Systemic Risk Monitor: 

This monitor presents key measures of systemic risks posed by the largest banks, including 

systemic importance scores for international and U.S. banks, the OFR's Contagion Index, and 

more.

 Financial Stress Index: 

The daily index supports the monitoring of stress in the financial system. It is constructed 

from 33 financial market indicators, such as yield spreads, valuation measures, and interest 

rates. 

 Interagency Data Inventory: 

The inventory is a product of the FSOC Data Committee that catalogs the data collected by 

FSOC member organizations, along with key metadata that describes each collection. The 

inventory may be used for identifying data gaps and for improving research and analysis to 

understand threats and vulnerabilities in the financial system. 
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 Short-term Funding Monitor: 

This daily monitor provides new insights into short-term funding activities captured by 

repurchase rate agreements, the core of liquidity and maturity transformation in financial 

markets. It places these data in context with other data sources, such as primary dealer 

statistics and Treasury reference rates. 

 U.S. Money Market Fund Monitor: The monthly monitor converts data from a Security 

and Exchange Commission reporting form into a user-friendly format. Users can examine 

individual funds and the industry as a whole.



In FYs 2021 and 2022, the OFR will continue to produce and evaluate the development of new 

products, as appropriate. Additionally, refer to the Executive Summary for a discussion of 

Treasury-wide evidence-building functions. 

Section III – Additional Information 

A – Summary of Capital Investments 

The OFR has no 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 found at: 

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