A bill to abolish the Office of Financial Research.

Bill: 118-s-1964
Sponsor: full_name: Sen. Cruz, Ted [R-TX]
Introduced: 2023-06-14
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-06-14
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-06-14
action_desc: Introduced in Senate
text: <p>This bill eliminates the Office of Financial Research, which provides financial data and analysis to support the Financial Stability Oversight Council.</p>

tv_txt: II 118th CONGRESS 1st Session S. 1964 IN THE SENATE OF THE UNITED STATES June 14, 2023 Mr. Cruz (for himself 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 abolish the Office of Financial Research.

1. Abolition of the Office of Financial Research (a) In general Subtitle B of the Financial Stability Act of 2010 ( 12 U.S.C. 5341 et seq. ) is repealed. (b) Technical and conforming amendments (1) The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the items relating to subtitle B of title I. (2) The Financial Stability Act of 2010 ( 12 U.S.C. 5301 et seq. ) is amended— (A) in section 102 ( 12 U.S.C. 5311 )— (i) in subsection (a)— (I) by striking paragraph (5); (II) by redesignating paragraphs (6) and (7) as paragraphs (5) and (6), respectively; and (III) in paragraph (4), by striking paragraph (6) and inserting paragraph (5) ; and (ii) in subsection (b), by striking subsection (a)(6) and inserting subsection (a)(5) ; (B) in section 111 ( 12 U.S.C. 5321 )— (i) in subsection (b)(2)— (I) by striking subparagraph (A); and (II) by redesignating subparagraphs (B) through (E) as subparagraphs (A) through (D), respectively; and (ii) in subsection (c)(1), by striking subparagraphs (C), (D), and (E) and inserting subparagraphs (B), (C), and (D) ; (C) in section 112 ( 12 U.S.C. 5322 )— (i) 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 (ii) 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)— (aa) by striking , acting through the Office of Financial Research, each place the term appears; and (bb) in subparagraph (B), by striking the Office of Financial Research or ; and (IV) in paragraph (5)(A), by striking , the Office of Financial Research, ; (D) in section 116 ( 12 U.S.C. 5326 ), by striking , acting through the Office of Financial Research, each place the term appears; and (E) by striking section 118 ( 12 U.S.C. 5328 ). (3) 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, . (4) 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. . (5) Section 3502(5) of title 44, United States Code, is amended by striking the Office of Financial Research, .