WASHINGTON, D.C. – U.S. Sens. Ted Cruz (R-Texas), Tom Cotton (R-Ark.), and Thom Tillis (R-N.C.), this week introduced a bill to eliminate the Office of Financial Research. This bill would take a crucial step forward in eliminating another set of burdensome regulations imposed upon hardworking Americans and small businesses under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The full text of the bill may be viewed here. In the U.S. House of Representatives Congressman Ted Budd (R-N.C.) filed complimentary legislation H.R. 2743.
“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.”
“I‘ve said previously that the Office of Financial Research, like many government agencies, was created with a boring name and good intentions,” Rep. Budd said. “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.”
The following organizations penned a letter in support of this bill: Americans for Tax Reform, Americans for Prosperity, FreedomWorks, Consumer Action for a Strong Economy, Center for Freedom and Prosperity, American Commitment, National Taxpayers Union, Council for Citizens Against Government Waste, Freedom Partners Chamber of Commerce, The American Consumer Institute, and the Competitive Enterprise Institute. Read their letter here.