Reps. Ed Royce (R-Calif.) and Patrick Murphy (D-Fla.) on Friday introduced a bill to improve the operations of the Treasury Department’s Office of Financial Research. The bill would require OFR to release an annual plan for its work that year, to coordinate its research with regulatory agencies and to better manage the cybersecurity of the often-sensitive data it stewards.
“The OFR’s lack of collaboration with the regulatory bodies that govern our financial system has resulted in the office producing work of questionable accuracy and shoddy quality,” said Royce. “The consequences for our country could be disastrous if these reports are subsequently used as the foundation of rules that dictate large parts of the economy.”
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