[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5470 Introduced in House (IH)]
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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repealed.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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