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H.R. 5470 - To repeal the Office of Financial Research, and for other purposes.

Sponsor: Ted Budd (R)
Introduced: 2018-04-11
Bill Status: Referred to the House Committee on Financial Services.
 
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Full Text


115th CONGRESS
2d Session
H. R. 5470


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


IN THE HOUSE OF REPRESENTATIVES

April 11, 2018

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B of title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5342) is hereby repealed.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

(5) in section 116, by striking “, acting through the Office of Financial Research,” each place such term appears; and

(6) by amending section 118 to read as follows:

“SEC. 118. Council Funding.

“There is authorized to be appropriated to the Council $4,000,000 for fiscal year 2018 and each fiscal year thereafter to carry out the duties of the Council.”.

(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), 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,”.


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