financialservices.house.gov

Cmte Financial Services (R)
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Subcommittee Assesses Office of Financial Research

Washington, Dec 7 -

The Subcommittee on Oversight and Investigations met today to examine the controversial Office of Financial Research (OFR), assessing its management and structure, public work-product, its cooperation with Congress, and support of the Financial Stability Oversight Council.

OFR Director Richard Berner appeared as the hearing's sole witness.

“From studies that impugn the workplace culture, to low morale, multiple ongoing investigations, and today’s harsh criticism of OFR by the Government Accountability Office, it appears to both outsiders and insiders that this organization is completely dysfunctional,” said Chairman Ann Wagner (R-MO). “Following these reports of mismanagement, questionable analysis, bureaucratic redundancy, and the inability to fulfill its statutory mandate, one question comes to mind; why does the OFR exist?”

Key Takeaways

• Eliminating the OFR would improve risk management by encouraging diverse perceptions of rise and more robust risk management strategies.

• Eliminating the OFR will result in one less redundant federal bureaucracy. There are already countless other federal agencies that perform market surveillance and collect and analyze data for purposes of identifying threats to financial stability.