Title: To repeal the Office of Financial Research, and for other purposes.
Policy area: Finance and Financial Sector

Summary:
This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to eliminate the Office of Financial Research. The bill also provides for funding for the Financial Stability Oversight Council. (Under current law, the council is funded by the Office of Financial Research.)

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5470 Introduced in House (IH)]

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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.

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

SECTION 1. REPEAL OF THE OFFICE OF FINANCIAL RESEARCH.

    (a) In General.--Subtitle B of title I of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (12 U.S.C. 5342) is hereby 
repealed.
    (b) Conforming Amendments to the Dodd-Frank Wall Street Reform and 
Consumer Protection Act.--The Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5301 et seq.) is amended--
            (1) in the table of contents in section 1(b), by striking 
        the items relating to subtitle B of title I;
            (2) in section 102(a)--
                    (A) by striking paragraph (5); and
                    (B) by redesignating paragraphs (6) and (7) as 
                paragraphs (5) and (6), respectively;
            (3) in section 111--
                    (A) in subsection (b)(2)--
                            (i) by striking subparagraph (A); and
                            (ii) by redesignating subparagraphs (B) 
                        through (E) as subparagraphs (A) through (D), 
                        respectively; and
                    (B) in subsection (c)(1), by striking 
                ``subparagraphs (C), (D), and (E)'' and inserting 
                ``subparagraphs (B), (C), and (D)'';
            (4) in section 112--
                    (A) in subsection (a)(2)--
                            (i) in subparagraph (A), by striking 
                        ``direct the Office of Financial Research to'';
                            (ii) by striking subparagraph (B); and
                            (iii) by redesignating subparagraphs (C) 
                        through (N) as subparagraphs (B) through (M), 
                        respectively; and
                    (B) in subsection (d)--
                            (i) in paragraph (1), by striking ``the 
                        Office of Financial Research, member agencies, 
                        and'' and inserting ``member agencies and'';
                            (ii) in paragraph (2), by striking ``the 
                        Office of Financial Research, any member 
                        agency, and'' and inserting ``any member agency 
                        and'';
                            (iii) in paragraph (3)--
                                    (I) by striking ``, acting through 
                                the Office of Financial Research,'' 
                                each place such term appears; and
                                    (II) in subparagraph (B), by 
                                striking ``the Office of Financial 
                                Research or''; and
                            (iv) in paragraph (5)(A), by striking ``, 
                        the Office of Financial Research,'';
            (5) in section 116, by striking ``, acting through the 
        Office of Financial Research,'' each place such term appears; 
        and
            (6) by amending section 118 to read as follows:

``SEC. 118. COUNCIL FUNDING.

    ``There is authorized to be appropriated to the Council $4,000,000 
for fiscal year 2018 and each fiscal year thereafter to carry out the 
duties of the Council.''.
    (c) Additional Conforming Amendments.--
            (1) Financial institutions reform, recovery, and 
        enforcement act of 1989.--Section 1206(a) of the Financial 
        Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
        U.S.C. 1833b(a)) is amended by striking ``the Office of 
        Financial Research,''.
            (2) Title 5.--Title 5, United States Code, is amended--
                    (A) in section 3132(a)(1)(D), by striking ``the 
                Bureau of Consumer Financial Protection, and the Office 
                of Financial Research'' and inserting ``and the Bureau 
                of Consumer Financial Protection''; and
                    (B) in section 5314, by striking ``Director of the 
                Office of Financial Research.''.
            (3) Title 44.--Section 3502(5) of title 44, United States 
        Code, is amended by striking ``the Office of Financial 
        Research,''.
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