Budd Introduces Bill To Close The Office Of Financial Research

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Washington, April 11, 2018 | comments
My biggest fear surrounds the OFR’s unbridled ability to collect data and spending habits of everyday Americans—while also having the power to subpoena banks for individual loan information, without going to court.
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Washington D.C. – U.S. Representative Ted Budd (R-NC) statement calling for the Office of Financial Research to be Closed.

"When I came to Washington, it was with the promise to get government bureaucracy out of the people’s way. Today, I am holding strong to that commitment once again. Along with my colleague from West Virginia, Rep. Alex Mooney, we are calling for the Office of Financial Research to be closed.

The OFR is supposed to forecast financial markets through data collection and market patterns to best inform lawmakers in order to avert a financial crisis. However, this 'one world view' of the financial system has had disastrous consequences. My biggest fear surrounds the OFR’s unbridled ability to collect data and spending habits of everyday Americans—while also having the power to subpoena banks for individual loan information, without going to court.

In reality, the Federal Reserve already maintains a 'Division of Financial stability,' which employs over 300 PhD economists that: perform market surveillance, collect and analyze data and identify threats to financial stability. In addition, research by the Financial Services Committee staff points out that there are as many as 20 other federal divisions, departments, committees and bureaus that are capable of collecting and analyzing this same data for use by lawmakers. Eliminating the Office of Financial Research will result in one less redundant federal division. We have found that eliminating the OFR would actually improve risk management by encouraging both diverse perceptions and risk management strategies."

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