Rep. Ted Budd Proposes Bill Abolishing Office of Financial Research
Washington, March 2, 2021
Washington, D.C. -- Today, Rep. Ted Budd (R-NC) and Sen. Ted Cruz (R-TX) reintroduced a bill to abolish the Office of Financial Research.
Rep. Budd said in a statement:
“The Office of Financial Research is a prime example of a redundant and unaccountable federal agency that needs to be abolished. The Office is funded through fees that it levies on financial companies. The Office also has unaccountable subpoena power over these companies. And worst of all, the Office’s mandate currently exists in about 20 other agencies and departments throughout the federal government, making OFR a highly duplicative. Thanks to Sen. Cruz for again joining me in this effort.”
Sen. Cruz said in a statement:
“Federal overreach is guaranteed with the Biden administration. I’m introducing these two pieces of legislation to ensure that the Federal Insurance Office and the Office of Financial Research are not weaponized politically and used to expand our bloated government. Both of these offices were created by the Dodd–Frank Wall Street Reform and Consumer Protection Act and should be swiftly eliminated to shrink the size of government.”