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

Bill: 115-hr-5470
Sponsor: full_name: Rep. Budd, Ted [R-NC-13]
Introduced: 2018-04-11
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Department of the Treasury

Executive agency funding and structure

Insurance industry and regulation
Latest action: action_date: 2018-04-11
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2018-04-11
action_desc: Introduced in House
text: <p>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.)</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 5470 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. 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Subtitle B of title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5342 ) is hereby repealed.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: 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, .