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Monday, October 12, 2015

House Reps. Introduce Bipartisan OFR Reform Bill

Two House Financial Services Committee members introduced the bipartisan Office of Financial Research Accountability Act of 2015. Reps. Ed Royce (R-Calif.) and Patrick Murphy (D-Fla.)’s bill is designed to ensure improved transparency, more efficient interagency coordination and bolstered cybersecurity protection at the U.S. Department of Treasury’s Office of Financial Research (OFR). Rep. Royce said:

The OFR’s lack of collaboration with the regulatory bodies that govern our financial system has resulted in the Office producing work of questionable accuracy and shoddy quality…This bill ensures that the OFR works in concert with regulatory bodies while preparing reports and discloses its planned activities ahead of time so the public knows exactly what to expect.

Rep. Murphy said:

The OFR was designed to function like the National Transportation Safety Board to figure out what went wrong and how to keep it from happening in the future. Mismanagement and greed caused the most devastating economic crisis of our time and nearly took down America’s middle class with it. The American people deserve to have confidence in the OFR, and that is exactly what this bill will do.

The bill requires the OFR to (1) release an annual work plan outlining priorities, (2) consult federal regulatory agencies when preparing public reports and (3) develop and implement a cybersecurity plan to be reviewed annually by the U.S. GAO.

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