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

Summary:
This bill eliminates the Office of Financial Research, which provides financial data and analysis to support the Financial Stability Oversight Council.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 523 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                 S. 523

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                March 2 (legislative day, March 1), 2021

   Mr. Cruz (for himself, Mr. Cotton, and Mr. Braun) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 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repealed.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 the 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,''; and
            (5) in section 116, by striking ``, acting through the 
        Office of Financial Research,'' each place the term appears.
    (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)--
                            (i) by striking ``the Office of Thrift 
                        Supervision,,'' and inserting ``the Office of 
                        Thrift Supervision,''; and
                            (ii) 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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