[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 1964 Introduced in Senate (IS)]
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118th CONGRESS
1st Session
S. 1964
To abolish the Office of Financial Research.
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 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 is repealed.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,''.
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