12 USC 5343 - Purpose and duties of the Office

U.S Code last checked for updates: Nov 22, 2024

§ 5343.

Purpose and duties of the Office

(a)

Purpose and duties

The purpose of the Office is to support the Council in fulfilling the purposes and duties of the Council, as set forth in part A, and to support member agencies, by—

(1)

collecting data on behalf of the Council, and providing such data to the Council and member agencies;

(2)

standardizing the types and formats of data reported and collected;

(3)

performing applied research and essential long-term research;

(4)

developing tools for risk measurement and monitoring;

(5)

performing other related services;

(6)

making the results of the activities of the Office available to financial regulatory agencies; and

(7)

assisting such member agencies in determining the types and formats of data authorized by this Act to be collected by such member agencies.

(b)

Administrative authority

The Office may—

(1)

share data and information, including software developed by the Office, with the Council, member agencies, and the Bureau of Economic Analysis, which shared data, information, and software—

(A)

shall be maintained with at least the same level of security as is used by the Office; and

(B)

may not be shared with any individual or entity without the permission of the Council;

(2)

sponsor and conduct research projects; and

(3)

assist, on a reimbursable basis, with financial analyses undertaken at the request of other Federal agencies that are not member agencies.

(c)

Rulemaking authority

(1)

Scope

(2)

Standardization

(d)

Testimony

(1)

In general

(2)

No prior review

(e)

Additional reports

(f)

Subpoena

(1)

In general

The Director may require from a financial company, by subpoena, the production of the data requested under subsection (a)(1) and section 5344(b)(1) of this title, but only upon a written finding by the Director that—

(A)

such data is required to carry out the functions described under this part; and

(B)

the Office has coordinated with the relevant primary financial regulatory agency, as required under section 5344(b)(1)(B)(ii) of this title.

(2)

Format

(3)

Enforcement

(Pub. L. 111–203, title I, § 153, July 21, 2010, 124 Stat. 1415.)

cite as: 12 USC 5343