§5343 — Title 12 Banks and Banking | U.S. Code

Summary

Creates an Office to help the Council and member agencies. The Office must collect data for the Council and share it with member agencies. It must make data types and formats uniform, do applied and long-term research, build tools to measure and watch risk, provide related services, share results with financial regulators, and help agencies decide what data they are allowed to collect. The Office may share data and software with the Council, member agencies, and the Bureau of Economic Analysis, but those items must be kept at least at the same level of security the Office uses and must not be shared further without the Council’s permission. The Office may run research projects and, for pay, help other federal agencies with financial analyses. The Director can make rules only as needed for collecting data, standardizing formats, and helping agencies decide what to collect. Member agencies must adopt those rules; if a member agency does not do so within 3 years of final rules, the Office may apply them to that agency’s covered firms. The Director must report and testify each year to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services about Office work and risks to financial stability. No U.S. officer or agency may require review or approval of that testimony before it goes to Congress, and the testimony must say the views are the Director’s and not necessarily the President’s. The Director may send extra reports to Congress and must tell the Council if they do. The Director may subpoena financial companies for required data only after a written finding that the data is needed and after coordinating with the relevant primary financial regulator under section 5344(b)(1)(B)(ii). Subpoenas must be signed by the Director, served by people the Director names, and can be enforced by a U.S. district court, which may punish failure to obey as contempt.

Title 12, §5343

Banks and Banking — Source: USLM XML via OLRC

(a)The purpose of the Office is to support the Council in fulfilling the purposes and duties of the Council, as set forth in part A, and to support member agencies, by—

(1)collecting data on behalf of the Council, and providing such data to the Council and member agencies;

(2)standardizing the types and formats of data reported and collected;

(3)performing applied research and essential long-term research;

(4)developing tools for risk measurement and monitoring;

(5)performing other related services;

(6)making the results of the activities of the Office available to financial regulatory agencies; and

(7)assisting such member agencies in determining the types and formats of data authorized by this Act to be collected by such member agencies.

(b)The Office may—

(1)share data and information, including software developed by the Office, with the Council, member agencies, and the Bureau of Economic Analysis, which shared data, information, and software—

(A)shall be maintained with at least the same level of security as is used by the Office; and

(B)may not be shared with any individual or entity without the permission of the Council;

(2)sponsor and conduct research projects; and

(3)assist, on a reimbursable basis, with financial analyses undertaken at the request of other Federal agencies that are not member agencies.

(c)(1)The Office, in consultation with the Chairperson, shall issue rules, regulations, and orders only to the extent necessary to carry out the purposes and duties described in paragraphs (1), (2), and (7) of subsection (a).

(2)Member agencies, in consultation with the Office, shall implement regulations promulgated by the Office under paragraph (1) to standardize the types and formats of data reported and collected on behalf of the Council, as described in subsection (a)(2). If a member agency fails to implement such regulations prior to the expiration of the 3-year period following the date of publication of final regulations, the Office, in consultation with the Chairperson, may implement such regulations with respect to the financial entities under the jurisdiction of the member agency. This paragraph shall not supersede or interfere with the independent authority of a member agency under other law to collect data, in such format and manner as the member agency requires.

(d)(1)The Director of the Office shall report to and testify before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives annually on the activities of the Office, including the work of the Data Center and the Research and Analysis Center, and the assessment of the Office of significant financial market developments and potential emerging threats to the financial stability of the United States.

(2)No officer or agency of the United States shall have any authority to require the Director to submit the testimony required under paragraph (1) or other congressional testimony to any officer or agency of the United States for approval, comment, or review prior to the submission of such testimony. Any such testimony to Congress shall include a statement that the views expressed therein are those of the Director and do not necessarily represent the views of the President.

(e)The Director may provide additional reports to Congress concerning the financial stability of the United States. The Director shall notify the Council of any such additional reports provided to Congress.

(f)(1)The Director may require from a financial company, by subpoena, the production of the data requested under subsection (a)(1) and section 5344(b)(1) of this title, but only upon a written finding by the Director that—

(A)such data is required to carry out the functions described under this part; and

(B)the Office has coordinated with the relevant primary financial regulatory agency, as required under section 5344(b)(1)(B)(ii) of this title.

(2)Subpoenas under paragraph (1) shall bear the signature of the Director, and shall be served by any person or class of persons designated by the Director for that purpose.

(3)In the case of contumacy or failure to obey a subpoena, the subpoena shall be enforceable by order of any appropriate district court of the United States. Any failure to obey the order of the court may be punished by the court as a contempt of court.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This Act, referred to in subsec. (a)(7), is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, which enacted this chapter and chapters 108 (§ 8201 et seq.) and 109 (§ 8301 et seq.) of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see

Short Title

note set out under section 5301 of this title and Tables.

§5343 Purpose and duties of the Office