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Repeal of Office of Financial Research: Changes in market oversight.

This bill aims to abolish the Office of Financial Research, which was responsible for analyzing risks in financial markets. This signifies a change in how financial stability data is collected and analyzed, potentially impacting the transparency and safety of the financial system, though the direct impact on citizens' daily finances is indirect.
Key points
The Office of Financial Research (OFR), established after the financial crisis, will be abolished.
The way the government collects and analyzes data on financial system risks will change.
The repeal of OFR may affect the government's ability to detect financial threats early.
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Expired
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Additional Information
Print number: 117_S_523
Sponsor: Sen. Cruz, Ted [R-TX]
Process start date: 2021-03-02
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

A bill to repeal the Office of Financial Research, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_523.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-03-02.

What are the main provisions?

Key points include:

  • The Office of Financial Research (OFR), established after the financial crisis, will be abolished.
  • The way the government collects and analyzes data on financial system risks will change.
  • The repeal of OFR may affect the government's ability to detect financial threats early.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cruz, Ted [R-TX].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy