Office of Financial Research
| OFR | |
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| Agency overview | |
|---|---|
| Formed | July 21, 2010 |
| Jurisdiction | Federal government of the United States |
| Headquarters | 717 14th Street, NW Washington, DC 20005 |
| Employees | 275 (2012) |
| Annual budget | US$47.7 million (FY 2015) |
| Agency executive |
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| 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. Established as a department within the Treasury, the Office is tasked with providing administrative, technical, budget analysis and other support services to the Council and its affiliated agencies.
The Director of the Office of Financial Research is appointed for a 6-year term. To the extent that her or his duties are exclusively focused on the Council and the Office of Financial Research, the Director is in effect the executive director of the Council. The Director, in consultation with the Chairman of the Council (who is the Secretary of the Treasury) proposes the annual budget of the Office. The Director may set salaries of the Office’s employees “without regard to chapter 51 or subchapter III of chapter 53 of Title 5 of the United States Code, relating to classification of positions and General Schedule pay rates”.
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.
Section of the Dodd-Frank Act charged the Office of Financial Research with supporting the Financial Stability Oversight Council and member agencies by:
Like the Council, the Office of Financial Research may request, from department or agency of the United States, "such services, funds, facilities, staff, and other support services as the Office may determine advisable. Any Federal Government employee may be detailed to the Office without reimbursement, and such detail shall be without interruption or loss of civil service status or privilege." Within the Treasury Department, there is a revolving fund, the "Financial Research Fund" into which all appropriations, fees, and assessments that the Office receives are deposited. Surplus funds may be invested. It is contemplated that within 2 years of establishment that the Office will be self-funding.
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