Today, U.S. Representative Ed Royce (R-Calif.) and U.S. Representative Patrick Murphy (D-Fla.), both members of the House Financial Services Committee, introduced the Office of Financial Research Accountability Act of 2015. The bill ensures improved transparency, more efficient interagency coordination, and bolstered cybersecurity protections at the U.S. Department of the Treasury’s Office of Financial Research (OFR):
“The OFR’s lack of collaboration with the regulatory bodies that govern our financial system has resulted in the Office producing work of questionable accuracy and shoddy quality. The consequences for our country could be disastrous if these reports are subsequently used as the foundation of rules that dictate large parts of the economy. This bill ensures that the OFR works in concert with regulatory bodies while preparing reports and discloses its planned activities ahead of time so the public knows exactly what to expect,” said Rep. Royce. “Cybersecurity breaches are a major threat to our economy and national security, and an agency that holds as much sensitive material as the OFR should have the robust protections outlined in this bill to protect itself."
“The OFR was designed to function like the National Transportation Safety Board to figure out what went wrong and how to keep it from happening in the future,” said Rep. Murphy. “Mismanagement and greed caused the most devastating economic crisis of our time and nearly took down America’s middle class with it. The American people deserve to have confidence in the OFR, and that is exactly what this bill will do.”
Specifically, the bill requires the OFR to release an annual work plan outlining the Office’s priorities, mandates the OFR to consult federal regulatory agencies when preparing public reports, and tasks the OFR with developing and implementing a cybersecurity plan to be reviewed annually by the U.S. Government Accountability Office.
Rep. Royce is a senior member of the House Financial Services Committee, with membership on both the Capital Markets and Government Sponsored Enterprises Subcommittee and the Housing and Insurance Subcommittee.
For more information, contact:
Saat Alety (Royce) at Saat.Alety@mail.house.gov or (202) 225-4111
Erin M. Hale (Murphy) at Erin.Hale@mail.house.gov or (561) 253-8433