Text: H.R.2743 — 116th Congress (2019-2020)All Information (Except Text)

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Introduced in House (05/15/2019)


116th CONGRESS
1st Session
H. R. 2743


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


IN THE HOUSE OF REPRESENTATIVES

May 15, 2019

Mr. Budd (for himself, Mr. Mooney of West Virginia, and Mr. Davidson of Ohio) 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B of title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5342) is hereby repealed.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 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,”.