Office of Financial Research

Program Summary by Budget Activity

Dollars in Thousands

 FY 2014 FY 2015 FY 2016 FY 2015 TO FY 2016

Budget Activity Actual Estimated Estimated $ Change % Change

Data Center $46,940 $57,991 $63,157 $5,166 8.91%

Research and Analysis $7,700 $14,578 $11,478 ($3,100) -21.26%

Operations and Support Services $28,626 $26,979 $33,470 $6,491 24.06%

Total Cost of Operations $83,266 $99,548 $108,105 $8,557 8.60%

FTE 166 230 270 40 17.39%

Summary

The Dodd-Frank Wall Street Reform and 

Consumer Protection Act of 2010 (the DoddFrank Act) established the Office of Financial 

Research (OFR or Office) within the

Department of the Treasury (Treasury) to 

serve the Financial Stability Oversight Council

(Council), its member agencies, and the public

by improving the quality, transparency, and 

accessibility of financial data and information; 

conducting and sponsoring research related to 

financial stability; and promoting best 

practices in risk management. 

The OFR, as an office within the Treasury 

Department, is aligned with the Treasury 

strategic goal of “Promoting domestic 

economic growth and stability while 

continuing reforms of the financial system,” 

and the associated objective of “Complete 

implementation of financial regulatory reform 

initiatives and continue monitoring the 

markets for threats to stability.” The OFR also 

is aligned with the Treasury objective of 

“Support effective, data-driven decision 

making and encourage transparency through 

intelligent gathering, analysis, sharing, use and 

dissemination of information” to help create a 

21st century approach to government. Aligning 

to these Treasury goals and objectives, and 

consistent with the Dodd-Frank Act, the OFR 

has established five strategic goals to help 

achieve its mission, as described below.1

The OFR is an essential source of data and 

analysis for monitoring threats to financial 

stability.

Key objectives of this goal include:

• OFR’s monitoring tools and analysis are 

widely used and critical to assessing 

financial stability; 

• Data used to monitor financial stability are 

comprehensive, reliable, and accessible to 

policy makers and the public through the 

OFR; and 

• Data providers and the public trust that 

OFR data are protected and secure.

Standards that improve the quality and 

usefulness of financial data are identified 

and adopted.

Key objectives underlying this goal include:

• Recognition of the need for standards by 

policy makers and industry;

• The OFR is the source of expert 

knowledge needed to develop and 

implement types and formats of data 

reported and collected; and

 1 See the OFR’s strategic plan for FY 2012-2014 at 

http://www.treasury.gov/initiatives/wsr/ofr/Documents/OFRStrategicF

ramework.pdf and Treasury’s strategic plan at 

http://www.treasury.gov/about/budget-performance/strategicplan/Pages/index.aspx
• Financial data standards that create 

efficiencies and facilitate analysis are 

widely used.

Leading edge research improves financial 

stability monitoring and the scope and quality 

of financial data, and informs policy and risk 

management.

Key objectives underlying this goal include:

• The OFR is the recognized center for 

objective, innovative research on financial 

stability and

• OFR research is widely cited and used in 

policymaking, risk management, and data 

management.

OFR FY 2016 Budget Highlights

Dollars in Thousands

Office of Financial Research FTE Amount

FY 2015 Estimated Budget 230 $99,548 

Changes to Base:

Program Changes

Program Increases 40 $8,557 

Personnel Steady State 40 $4,223 

Non-Personnel Steady State $4,334 

FY 2016 Base 270 $108,105 

FY 2016 Estimated 270 $108,105 

Explanation of Budget Activities

Data Center ($63,157,000 from 

revenue/offsetting collections)

The Dodd-Frank Act provided that the Data 

Center, on behalf of the Council, collect, 

validate, and maintain all data necessary to 

carry out the duties of the Office. As part of 

this mandate, the Data Center provides data 

services to federal financial regulators to 

increase efficiency in data acquisition and 

management, to promote the reduction of 

redundant reporting requirements across the 

regulatory system (including through more 

effective data sharing arrangements), and to 

ensure the security of sensitive data. The 

promotion of standards for financial data is 

expected to provide benefits to regulators and 

financial market participants by making data 

aggregation easier, improving analysis, and 

reducing costs associated with data collection. 

To support transparency in its operations and 

better public understanding of risks to financial 

stability, the Data Center also publishes data 

and data-related information, as well as 

information on its activities.

Research and Analysis ($11,478,000 from 

revenue/offsetting collections)

The Dodd-Frank Act provided that the 

Research and Analysis Center, on behalf of the 

Council, develop and maintain independent 

analytical capabilities and computing 

resources: 

• To develop and maintain metrics and 

reporting systems for risks to the financial 

stability of the United States;

• To monitor, investigate, and report on 

changes in system-wide risk levels and 

patterns to the Council and to Congress; 

• To conduct, coordinate, and sponsor 

research to support and improve regulation 

of financial entities and markets;

• To evaluate and report on stress tests or 

other stability-related evaluations of 

financial entities overseen by Council 

member agencies;

• To maintain the expertise necessary to 

support specific requests for advice and 

assistance from financial regulators;

• To investigate disruptions and failures in 

the financial markets, report findings, and 

make recommendations to the Council 

based on those findings;

• To conduct studies and provide advice on 

the impact of policies related to systemic 

risk; and,

• To promote best practices for financial risk 

management.

To support effective achievement of these 

objectives, the OFR is also establishing forums 

and networks to bring together experts from 
within and outside the regulatory system. In 

addition, the OFR is publishing key results of 

its analyses to support transparency in its 

operations and promote public understanding 

of threats to financial stability.

Operations and Support Services

($33,470,000 from revenue/offsetting 

collections)

These activities cover all operational, legal, 

and administrative functions that support the 

effective, transparent, and well-monitored 

delivery of the OFR’s core outputs related to 

data, research, and analysis. This includes 

support provided through reimbursable 

arrangements with other activities in Treasury 

Departmental Offices, as well as outside 

service providers.

OFR Performance by Budget Activity

Description of Performance

In early FY 2013, the OFR established 

performance measures tied to its strategic 

goals and collected data on those measures 

through the fourth quarter. In 2014, the OFR 

revised some its measures to more accurately 

measure the performance of the organization, 

and aligned them to our new strategic goals. 

The OFR is continuing to review its 

performance measures in FY 2015 and may 

revise them based the ability to obtain 

additional data. The OFR now measures its 

progress by quarter. The OFR will continue to 

review all measures as the organization 

matures, and revise them as necessary.
OFR Performance by Budget Activity

Budget Activity Performance Measure

FY 2012 

Actual

FY 2013 

Actual

FY 2014 

Actual

FY 2014

Actual

FY 2015 

Target

FY 2016 

Target

Data Center Percent of responses to Council data and 

research requests that meet delivery targets

N/A 94 Disc DISC DISC DISC

Data Center Percent of Council work requests completed 

by the OFR

N/A N/A 85% 89% 85% 85%

Data Center

Percent of project milestones met for 

establishment of an interagency data 

inventory program

N/A 88 DISC DISC DISC DISC

Data Center

Percent of interagency data inventory 

records validated

N/A N/A B 60% DISC DISC

Data Center

Percent of milestones met in information 

standards strategy

N/A 100 100 DISC DISC DISC

Data Center Percent pf data standards strategy 

milestones completed

N/A N/A 100% 93% DISC DISC

Research and Analysis Number of R&A products made public yearto-dateN/A 10 15 11 15 15

Research and Analysis

Number of collaborative research and 

analysis products made public year-to-date 

(subset of above)

N/A 8 10 10 DISC DISC

External Affairs

Percent increase in the number of OFR web 

page visits

N/A 1 15 DISC DISC DISC

External Affairs

Percent increase in the substantive content 

made public on the OFR web site

N/A N/A 20 13 DISC. DISC

Operations and Support 

Services

Percent of OFR implementation priorities 

completed

N/A DISC DISC DISC DISC DISC

Operations and Support 

Services

Cost of the OFR relative to total assessed 

assets, per $billion assessed

N/A $3,230

$7,700 (to 

be based 

on a 4-

year 

rolling 

average)

DISC DISC DISC

Operations and Support 

Services

OFR fiscal year expenditures as a 

percentage of total assessed assets, per 

$billion assessed

N/A N/A $4,000 $4,002 DISC. DISC

Operations and Support 

Services Total staff hired compared to targets N/A 85% 100% 90% 100% 100%

Several measures have been discontinued and will be replaced or revised in FY 2015 based on 

the OFR’s efforts to examine its measures for effectively assessing the performance of the 

organization.