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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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Status:
Expired
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Additional Information
A bill to repeal the Office of Financial Research, and for other purposes.
Print number: S 523
Sponsor: Sen. Cruz, Ted [R-TX]
Process start date: 2021-03-02
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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Summary & Status

Key Questions about Repeal of Office of Financial Research: Changes in market oversight.

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is 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.

Analysis and Potential Impact of S 523

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Economy