§5345 Funding

Summary

Creates a separate account in the U.S. Treasury called the Financial Research Fund. Money the Office gets under subsection (c) and all fees the Office collects under subsection (d) must be put into this Fund. The Director can ask the Secretary to invest any money not needed right away. Investments must be U.S. government obligations or ones the U.S. guarantees. Interest and sale proceeds from those investments go back into the Fund. Money in the Fund is immediately available to pay the Office’s expenses and stays available until spent. 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 run the Office. Starting 2 years after July 21, 2010, the Secretary, with the Council’s approval, must set a fee schedule (who pays and the rates) for bank holding companies with $250,000,000,000 or more in assets and for certain nonbank financial companies supervised by the Board, taking into account differences among firms and the factors in section 5325, so that fees cover the Office’s total expenses.