A bill to abolish the Office of Financial Research.

II 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 Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. ABOLITION OF THE OFFICE OF FINANCIAL RE- 3 SEARCH. 4 (a) IN GENERAL.—Subtitle B of the Financial Sta- 5 bility Act of 2010 (12 U.S.C. 5341 et seq.) is repealed. 6 (b) TECHNICAL AND CONFORMING AMENDMENTS.— 7 (1) The table of contents in section 1(b) of the 8 Dodd-Frank Wall Street Reform and Consumer Pro- 9 tection Act is amended by striking the items relating 10 to subtitle B of title I. 11 VerDate Sep 11 2014 01:25 Jul 07, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1964.IS S1964 kjohnson on DSK79L0C42PROD with BILLS 2 •S 1964 IS (2) The Financial Stability Act of 2010 (12 1 U.S.C. 5301 et seq.) is amended— 2 (A) in section 102 (12 U.S.C. 5311)— 3 (i) in subsection (a)— 4 (I) by striking paragraph (5); 5 (II) by redesignating paragraphs 6 (6) and (7) as paragraphs (5) and 7 (6), respectively; and 8 (III) in paragraph (4), by strik- 9 ing ‘‘paragraph (6)’’ and inserting 10 ‘‘paragraph (5)’’; and 11 (ii) in subsection (b), by striking 12 ‘‘subsection (a)(6)’’ and inserting ‘‘sub- 13 section (a)(5)’’; 14 (B) in section 111 (12 U.S.C. 5321)— 15 (i) in subsection (b)(2)— 16 (I) by striking subparagraph (A); 17 and 18 (II) by redesignating subpara- 19 graphs (B) through (E) as subpara- 20 graphs (A) through (D), respectively; 21 and 22 (ii) in subsection (c)(1), by striking 23 ‘‘subparagraphs (C), (D), and (E)’’ and in- 24 VerDate Sep 11 2014 01:25 Jul 07, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1964.IS S1964 kjohnson on DSK79L0C42PROD with BILLS 3 •S 1964 IS serting ‘‘subparagraphs (B), (C), and 1 (D)’’; 2 (C) in section 112 (12 U.S.C. 5322)— 3 (i) in subsection (a)(2)— 4 (I) in subparagraph (A), by strik- 5 ing ‘‘direct the Office of Financial Re- 6 search to’’; 7 (II) by striking subparagraph 8 (B); and 9 (III) by redesignating subpara- 10 graphs (C) through (N) as subpara- 11 graphs (B) through (M), respectively; 12 and 13 (ii) in subsection (d)— 14 (I) in paragraph (1), by striking 15 ‘‘the Office of Financial Research, 16 member agencies, and’’ and inserting 17 ‘‘member agencies and’’; 18 (II) in paragraph (2), by striking 19 ‘‘the Office of Financial Research, any 20 member agency, and’’ and inserting 21 ‘‘any member agency and’’; 22 (III) in paragraph (3)— 23 (aa) by striking ‘‘, acting 24 through the Office of Financial 25 VerDate Sep 11 2014 01:25 Jul 07, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S1964.IS S1964 kjohnson on DSK79L0C42PROD with BILLS 4 •S 1964 IS Research,’’ each place the term 1 appears; and 2 (bb) in subparagraph (B), 3 by striking ‘‘the Office of Finan- 4 cial Research or’’; and 5 (IV) in paragraph (5)(A), by 6 striking ‘‘, the Office of Financial Re- 7 search,’’; 8 (D) in section 116 (12 U.S.C. 5326), by 9 striking ‘‘, acting through the Office of Finan- 10 cial Research,’’ each place the term appears; 11 and 12 (E) by striking section 118 (12 U.S.C. 13 5328). 14 (3) Section 1206(a) of the Financial Institu- 15 tions Reform, Recovery, and Enforcement Act of 16 1989 (12 U.S.C. 1833b(a)) is amended by striking 17 ‘‘the Office of Financial Research,’’. 18 (4) Title 5, United States Code, is amended— 19 (A) in section 3132(a)(1)(D)— 20 (i) by striking ‘‘the Office of Thrift 21 Supervision,,’’ and inserting ‘‘the Office of 22 Thrift Supervision,’’; and 23 (ii) by striking ‘‘, the Bureau of Con- 24 sumer Financial Protection, and the Office 25 VerDate Sep 11 2014 01:25 Jul 07, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S1964.IS S1964 kjohnson on DSK79L0C42PROD with BILLS 5 •S 1964 IS of Financial Research’’ and inserting ‘‘and 1 the Bureau of Consumer Financial Protec- 2 tion’’; and 3 (B) in section 5314, by striking ‘‘Director 4 of the Office of Financial Research.’’. 5 (5) Section 3502(5) of title 44, United States 6 Code, is amended by striking ‘‘the Office of Finan- 7 cial Research,’’. 8 Æ VerDate Sep 11 2014 01:25 Jul 07, 2023 Jkt 039200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\S1964.IS S1964 kjohnson on DSK79L0C42PROD with BILLS