Title 12 — Banks and BankingRelease 119-73

§5346 Transition oversight

Title 12 › Chapter CHAPTER 53— - WALL STREET REFORM AND CONSUMER PROTECTION › Subchapter SUBCHAPTER I— - FINANCIAL STABILITY › Part Part B— - Office of Financial Research › § 5346

Last updated Apr 6, 2026|Official source

Summary

Requires the Office to start up in an organized way, hire and keep qualified staff, and set up full employee training and benefits. The Office must send an annual report to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services that includes three plans: a training and workforce development plan (identifying needed skills, encouraging innovation, planning leadership and succession, and using technology); a workforce flexibility plan (covers telework, flexible schedules, phased retirement, rehiring retired annuitants, part‑time work, job sharing, parental leave and childcare help, domestic partner benefits, other flexibilities, or any mix); and a recruitment and retention plan (reaching diverse qualified applicants, simplifying hiring steps, timely applicant notifications, and measuring hiring results). The annual reporting requirement ends 5 years after July 21, 2010. Nothing here changes any collective bargaining agreement in effect on July 21, 2010 or employees’ rights under chapter 71 of title 5.

Full Legal Text

Title 12, §5346

Banks and Banking — Source: USLM XML via OLRC

(a)The purpose of this section is to ensure that the Office—

(1)has an orderly and organized startup;

(2)attracts and retains a qualified workforce; and

(3)establishes comprehensive employee training and benefits programs.

(b)(1)The Office shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that includes the plans described in paragraph (2).

(2)The plans described in this paragraph are as follows:

(A)The Office shall submit a training and workforce development plan that includes, to the extent practicable—

(i)identification of skill and technical expertise needs and actions taken to meet those requirements;

(ii)steps taken to foster innovation and creativity;

(iii)leadership development and succession planning; and

(iv)effective use of technology by employees.

(B)The Office shall submit a workforce flexibility plan that includes, to the extent practicable—

(i)telework;

(ii)flexible work schedules;

(iii)phased retirement;

(iv)reemployed annuitants;

(v)part-time work;

(vi)job sharing;

(vii)parental leave benefits and childcare assistance;

(viii)domestic partner benefits;

(ix)other workplace flexibilities; or

(x)any combination of the items described in clauses (i) through (ix).

(C)The Office shall submit a recruitment and retention plan that includes, to the extent practicable, provisions relating to—

(i)the steps necessary to target highly qualified applicant pools with diverse backgrounds;

(ii)streamlined employment application processes;

(iii)the provision of timely notification of the status of employment applications to applicants; and

(iv)the collection of information to measure indicators of hiring effectiveness.

(c)The reporting requirement under subsection (b) shall terminate 5 years after July 21, 2010.

(d)Nothing in this section may be construed to affect—

(1)a collective bargaining agreement, as that term is defined in section 7103(a)(8) of title 5, that is in effect on July 21, 2010; or

(2)the rights of employees under chapter 71 of title 5.

Reference

Citations & Metadata

Citation

12 U.S.C. § 5346

Title 12 — Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73