§5345 Funding

Summary

Creates a separate Financial Research Fund in the U.S. Treasury. All money given to the Office under subsection (c) and all assessments collected under subsection (d) must go into that Fund. If the Fund has money the Office does not need right away, the Director can ask the Secretary to invest it in U.S. government obligations or obligations guaranteed by the U.S. Any interest or sale proceeds from those investments must go back into the Fund. Money in the Fund is available to the Office immediately and stays available until spent to pay the Office’s expenses. The Fund’s money is not treated as regular Government appropriations and is not subject to apportionment under chapter 15 of title 31 or any other authority. For the 2-year period after July 21, 2010, the Board of Governors must provide enough money to cover the Office’s expenses. Beginning 2 years after July 21, 2010, the Secretary, with the Council’s approval, must set rules for assessments (base and rates) on bank holding companies with total consolidated assets of $250,000,000,000 or more and on nonbank financial companies supervised by the Board of Governors, taking into account differences under section 5325, to collect assessments equal to the Office’s total expenses.