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II
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 fol-
lowing bill; which was read twice and referred to the Committee on Bank-
ing, 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 Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. REPEAL OF THE OFFICE OF FINANCIAL RE-
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SEARCH.
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(a) IN GENERAL.—Subtitle B of title I of the Dodd-
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Frank Wall Street Reform and Consumer Protection Act
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(12 U.S.C. 5342) is hereby repealed.
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(b) CONFORMING AMENDMENTS
TO
THE DODD-
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FRANK WALL STREET REFORM AND CONSUMER PROTEC-
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TION ACT.—The Dodd-Frank Wall Street Reform and
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•S 523 IS
Consumer Protection Act (12 U.S.C. 5301 et seq.) is
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amended—
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(1) in the table of contents in section 1(b), by
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striking the items relating to subtitle B of title I;
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(2) in section 102(a)—
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(A) by striking paragraph (5); and
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(B) by redesignating paragraphs (6) and
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(7) as paragraphs (5) and (6), respectively;
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(3) in section 111—
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(A) in subsection (b)(2)—
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(i) by striking subparagraph (A); and
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(ii) by redesignating subparagraphs
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(B) through (E) as subparagraphs (A)
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through (D), respectively; and
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(B) in subsection (c)(1), by striking ‘‘sub-
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paragraphs (C), (D), and (E)’’ and inserting
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‘‘subparagraphs (B), (C), and (D)’’;
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(4) in section 112—
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(A) in subsection (a)(2)—
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(i) in subparagraph (A), by striking
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‘‘direct the Office of Financial Research
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to’’;
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(ii) by striking subparagraph (B); and
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•S 523 IS
(iii) by redesignating subparagraphs
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(C) through (N) as subparagraphs (B)
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through (M), respectively; and
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(B) in subsection (d)—
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(i) in paragraph (1), by striking ‘‘the
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Office of Financial Research, member
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agencies, and’’ and inserting ‘‘member
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agencies and’’;
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(ii) in paragraph (2), by striking ‘‘the
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Office of Financial Research, any member
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agency, and’’ and inserting ‘‘any member
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agency and’’;
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(iii) in paragraph (3)—
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(I) by striking ‘‘, acting through
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the Office of Financial Research,’’
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each place the term appears; and
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(II) in subparagraph (B), by
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striking ‘‘the Office of Financial Re-
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search or’’; and
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(iv) in paragraph (5)(A), by striking
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‘‘, the Office of Financial Research,’’; and
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(5) in section 116, by striking ‘‘, acting through
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the Office of Financial Research,’’ each place the
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term appears.
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(c) ADDITIONAL CONFORMING AMENDMENTS.—
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•S 523 IS
(1) FINANCIAL INSTITUTIONS REFORM, RECOV-
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ERY, AND
ENFORCEMENT
ACT
OF
1989.—Section
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1206(a) of the Financial Institutions Reform, Recov-
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ery, and Enforcement Act of 1989 (12 U.S.C.
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1833b(a)) is amended by striking ‘‘the Office of Fi-
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nancial Research,’’.
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(2) TITLE 5.—Title 5, United States Code, is
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amended—
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(A) in section 3132(a)(1)(D)—
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(i) by striking ‘‘the Office of Thrift
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Supervision,,’’ and inserting ‘‘the Office of
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Thrift Supervision,’’; and
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(ii) by striking ‘‘the Bureau of Con-
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sumer Financial Protection, and the Office
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of Financial Research’’ and inserting ‘‘and
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the Bureau of Consumer Financial Protec-
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tion’’; and
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(B) in section 5314, by striking ‘‘Director
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of the Office of Financial Research.’’.
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(3) TITLE
44.—Section 3502(5) of title 44,
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United States Code, is amended by striking ‘‘the Of-
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fice of Financial Research,’’.
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Æ
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