I 

115TH CONGRESS 

2D SESSION H. R. 5470 

To repeal the Office of Financial Research, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 11, 2018 

Mr. BUDD (for himself and Mr. MOONEY of West Virginia) introduced the 

following bill; which was referred to the Committee on Financial Services 

A BILL 

To repeal the Office of Financial Research, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. REPEAL OF THE OFFICE OF FINANCIAL RE4 SEARCH. 

5 (a) IN GENERAL.—Subtitle B of title I of the Dodd6 Frank Wall Street Reform and Consumer Protection Act 

7 (12 U.S.C. 5342) is hereby repealed. 

8 (b) CONFORMING AMENDMENTS TO THE DODD9 FRANK WALL STREET REFORM AND CONSUMER PROTEC10 TION ACT.—The Dodd-Frank Wall Street Reform and 


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1 Consumer Protection Act (12 U.S.C. 5301 et seq.) is 

2 amended— 

3 (1) in the table of contents in section 1(b), by 

4 striking the items relating to subtitle B of title I; 

5 (2) in section 102(a)— 

6 (A) by striking paragraph (5); and 

7 (B) by redesignating paragraphs (6) and 

8 (7) as paragraphs (5) and (6), respectively; 

9 (3) in section 111— 

10 (A) in subsection (b)(2)— 

11 (i) by striking subparagraph (A); and 

12 (ii) by redesignating subparagraphs 

13 (B) through (E) as subparagraphs (A) 

14 through (D), respectively; and 

15 (B) in subsection (c)(1), by striking ‘‘sub16 paragraphs (C), (D), and (E)’’ and inserting 

17 ‘‘subparagraphs (B), (C), and (D)’’; 

18 (4) in section 112— 

19 (A) in subsection (a)(2)— 

20 (i) in subparagraph (A), by striking 

21 ‘‘direct the Office of Financial Research 

22 to’’; 

23 (ii) by striking subparagraph (B); and 


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1 (iii) by redesignating subparagraphs 

2 (C) through (N) as subparagraphs (B) 

3 through (M), respectively; and 

4 (B) in subsection (d)— 

5 (i) in paragraph (1), by striking ‘‘the 

6 Office of Financial Research, member 

7 agencies, and’’ and inserting ‘‘member 

8 agencies and’’; 

9 (ii) in paragraph (2), by striking ‘‘the 

10 Office of Financial Research, any member 

11 agency, and’’ and inserting ‘‘any member 

12 agency and’’; 

13 (iii) in paragraph (3)— 

14 (I) by striking ‘‘, acting through 

15 the Office of Financial Research,’’ 

16 each place such term appears; and 

17 (II) in subparagraph (B), by 

18 striking ‘‘the Office of Financial Re19 search or’’; and 

20 (iv) in paragraph (5)(A), by striking 

21 ‘‘, the Office of Financial Research,’’; 

22 (5) in section 116, by striking ‘‘, acting through 

23 the Office of Financial Research,’’ each place such 

24 term appears; and 

25 (6) by amending section 118 to read as follows: 


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1 ‘‘SEC. 118. COUNCIL FUNDING. 

2 ‘‘There is authorized to be appropriated to the Coun3 cil $4,000,000 for fiscal year 2018 and each fiscal year 

4 thereafter to carry out the duties of the Council.’’. 

5 (c) ADDITIONAL CONFORMING AMENDMENTS.— 

6 (1) FINANCIAL INSTITUTIONS REFORM, RECOV7 ERY, AND ENFORCEMENT ACT OF 1989.—Section 

8 1206(a) of the Financial Institutions Reform, Recov9 ery, and Enforcement Act of 1989 (12 U.S.C. 

10 1833b(a)) is amended by striking ‘‘the Office of Fi11 nancial Research,’’. 

12 (2) TITLE 5.—Title 5, United States Code, is 

13 amended— 

14 (A) in section 3132(a)(1)(D), by striking 

15 ‘‘the Bureau of Consumer Financial Protection, 

16 and the Office of Financial Research’’ and in17 serting ‘‘and the Bureau of Consumer Financial 

18 Protection’’; and 

19 (B) in section 5314, by striking ‘‘Director 

20 of the Office of Financial Research.’’. 

21 (3) TITLE 44.—Section 3502(5) of title 44, 

22 United States Code, is amended by striking ‘‘the Of23 fice of Financial Research,’’. 

Æ 


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