S. 1964 — Introduced in Senate

II 118th CONGRESS 1st Session S. 1964 IN THE SENATE OF THE UNITED STATES June 14, 2023Mr. 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. 1. Abolition of the Office of Financial Research (a) In general Subtitle B of the Financial Stability Act of 2010 (12 U.S.C. 5341 et seq.) is repealed. (b) Technical and conforming amendments (1) The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the items relating to subtitle B of title I. (2) The Financial Stability Act of 2010 (12 U.S.C. 5301 et seq.) is amended— (A) in section 102 (12 U.S.C. 5311)— (i) in subsection (a)— (I) by striking paragraph (5); (II) by redesignating paragraphs (6) and (7) as paragraphs (5) and (6), respectively; and (III) in paragraph (4), by striking paragraph (6) and inserting paragraph (5); and (ii) in subsection (b), by striking subsection (a)(6) and inserting subsection (a)(5); (B) in section 111 (12 U.S.C. 5321)— (i) in subsection (b)(2)— (I) by striking subparagraph (A); and (II) by redesignating subparagraphs (B) through (E) as subparagraphs (A) through (D), respectively; and (ii) in subsection (c)(1), by striking subparagraphs (C), (D), and (E) and inserting subparagraphs (B), (C), and (D); (C) in section 112 (12 U.S.C. 5322)— (i) 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 (ii) 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)— (aa) by striking , acting through the Office of Financial Research, each place the term appears; and (bb) in subparagraph (B), by striking the Office of Financial Research or; and (IV) in paragraph (5)(A), by striking , the Office of Financial Research,; (D) in section 116 (12 U.S.C. 5326), by striking , acting through the Office of Financial Research, each place the term appears; and (E) by striking section 118 (12 U.S.C. 5328). (3) 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,. (4) 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.. (5) Section 3502(5) of title 44, United States Code, is amended by striking the Office of Financial Research,.