Representatives Budd, Mooney, Davidson and Senators Cruz, Tillis, and Cotton Introduce Legislation to Repeal the Office of Financial Research

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Washington, May 16, 2019 | comments

Washington D.C. - Today, U.S. Rep. Ted Budd (R-N.C.) released the following statement after introducing H.R. 2743 which would repeal the Office of Financial Research (OFR) and is similar to legislation he introduced in the 115th Congress:  

“I’m grateful that we were able to introduce this legislation again in the 116th Congress, but this time with strong support in the Senate and additional support in the House. As I‘ve said previously, the Office of Financial Research, like many government agencies, was created with a boring name and good intentions. But in reality, Washington created another agency that lacks accountability while presenting real costs for consumers and businesses. For that reason, we’ve introduced a bill to repeal the office.  A special thank you to the outside groups helping Congress make this push. Read their support letter here.”

“The Office of Financial Research is another example of unnecessary government overreach that not only serves as a drain on American taxpayer dollars but also is harmful to hardworking Americans and small business owners,” Sen. Cruz said. “I am grateful for Sens. Cotton and Tillis’ partnership in this effort and urge our Senate colleagues to pass this legislation.”

“Founded after the 2008 crisis, the Office of Financial Research (OFR) was tasked with predicting similar disasters,” Sen. Cotton said. “Years later, the OFR is ineffective at its original mission and duplicative in its mandate. Our bill will eliminate this unnecessary office.”

“One of my biggest priorities in Congress has been to reduce bureaucratic waste and cut as much red tape as possible so the federal government can work more efficiently for the American people,” said Senator Tillis. “The Office of Financial Research that was created by Dodd-Frank is just one example of an unnecessary entity, and I am proud to join this legislation with Senators Cruz and Cotton to eliminate this government overreach.”

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