Office of Financial Research

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Office of Financial Research
OFR
US-DeptOfTheTreasury-Seal.svg
Agency overview
Formed July 21, 2011; 4 years ago (2011-07-21)
Jurisdiction Federal government of the United States
Headquarters 717 14th Street, NW
Washington, DC 20005
Employees 275 (2012)[1]
Annual budget US$47.7 million (FY 2015)[2]
Agency executive
Parent agency United States Department of the Treasury
Key document
Website financialresearch.gov

The Office of Financial Research (OFR) is an independent bureau within the United States Department of the Treasury that was established by the Dodd–Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007–08 and the subsequent Great Recession.[3]

Responsibilities[edit]

Section [4] of the Dodd-Frank Act charged the Office of Financial Research with supporting the Financial Stability Oversight Council and member agencies by:

  1. Collecting data on behalf of the Council, and providing such data to the Council and member agencies;
  2. Standardizing the types and formats of data reported and collected;
  3. Performing applied research and essential long-term research;
  4. Developing tools for risk measurement and monitoring;
  5. Performing other related services;
  6. Making the results of the activities of the Office available to financial regulatory agencies; and
  7. Assisting Council member agencies in determining the types and formats of data authorized by the Act to be collected by the member agencies.

Director's Authority[edit]

The Director has Subpoena power and may require from any financial institution (bank or non-bank) any data needed to carry out the functions of the office.[5]

List of Directors of the Office of Financial Research[edit]

No. Name Took Office Left Office
1 Richard Berner January 2, 2013[6] Incumbent

See also[edit]

References[edit]

  1. ^ "Strategic Framework Office of Financial Research FY2012-2014" (PDF). Office of Financial Research, U.S. Department of the Treasury. 2012. Retrieved 2015-05-13. 
  2. ^ "Office of Financial Research Strategy & Budget". Office of Financial Research, U.S. Department of the Treasury. 2015. Retrieved 2015-05-13. 
  3. ^ Eaglesham, Jean (2011-02-09). "Warning Shot On Financial Protection". The Wall Street Journal. Retrieved 2011-02-10. (subscription required)
  4. ^ H.R. 4173 § 153(a)
  5. ^ H.R. 4173 § 152(f)
  6. ^ "Richard Berner Confirmed As Director Of The Office Of Financial Research". U.S. Department of the Treasury. 2013-01-02. Retrieved 2015-05-15. 

External links[edit]