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November 2, 2012

April 19, 2012 – House Financial Institutions Oversight Subcommittee hearing entitled "Budget Hearing – The Office of Financial Research."

The purpose for the establishment of the Office of Financial research in the Dodd/Frank Act is to collect and analyze unbiased information about the financial services industry. Opponents of the new law have successfully blocked the nomination of a director for the facility and, as shown throughout this hearing, will resist all efforts to permit the agency to reach full effectiveness in the near future.

The Office’s Chief Operating Officer testified that despite delays the Office has been able to identify its goals and determine what information will be needed to permit the agency to complete its mission and establish appropriate protocols and procedures.

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