Reps. Royce, Murphy: OFR Reports Need to be Better Informed
(Targeted News Service Via Acquire Media NewsEdge) WASHINGTON, July 10 -- Rep. Ed Royce, R-Calif. (39th CD), issued the following news release:
U.S. Representative Ed Royce (R-Calif.) and U.S. Representative Patrick Murphy (D-Fla.) introduced H.R. 5037, the Office of Financial Research Accountability Act. 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 the American financial system has resulted in the Office producing work of questionable accuracy and shoddy quality. If these reports are subsequently used as the foundation of rules that govern large parts of the American economy, the consequences for our country could be disastrous. 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 an Office that holds as much sensitive material as the OFR should be protected against bad actors attempting to steal information. This bill addresses the need for robust cyber defenses at the OFR."
"After devastating mismanagement of the financial services sector plunged the American middle class into the worst economic crisis of our time, the Office of Financial Research was created to function like the National Transportation Safety Board, finding out what went wrong and how to keep it from happening in the future," said Rep. Murphy. "Instead, the Office has come under heavy criticism after both quality of reporting and quantity of research remained lacking. This bill would restore much needed confidence to the OFR so the American people, their representatives in Congress, and the Financial Stability Oversight Council will have access to improved quality of financial data."
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, that will be reviewed annually by the U.S. Government Accountability Office (GAO).
Rep. Royce, a senior member of the House Financial Services Committee, introduced the Office of Financial Research Accountability Act on July 9, 2014, and urges swift action from his colleagues to advance this bipartisan legislation.
For more information, contact:
Saat Alety (Royce) at Saat.Alety@mail.house.gov or (202) 225-4111
Erin Moffet Hale (Murphy) at Erin.MoffetHale@mail.house.gov or (561) 253-8433
(c) 2014 Targeted News Service
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