§5345 Funding

Summary

Creates a separate Financial Research Fund inside the U.S. Treasury. Money that the Office gets from fees, assessments, or transfers must go into that fund. The Director may ask the Treasury Secretary to invest money the Office does not need right away in U.S. government bonds or similar securities. Any interest or sale proceeds from those investments go back into the fund. The money in the fund is available to the Office immediately and stays available until spent. The fund’s money is not treated as regular government appropriations and cannot be split up under federal apportionment rules. For the first 2 years after July 21, 2010, the Board of Governors must pay whatever the Office needs. Starting 2 years after July 21, 2010, the Treasury Secretary, with the Council’s approval, must make a fee schedule to charge bank holding companies with total consolidated assets of $250,000,000,000 or more and nonbank financial companies supervised by the Board. The schedule must consider differences among companies using the same factors as section 5325 and must raise fees equal to the Office’s total expenses.