12 USC 5344 - Organizational structure; responsibilities of primary programmatic units

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

§ 5344.

Organizational structure; responsibilities of primary programmatic units

(a)

In general

There are established within the Office, to carry out the programmatic responsibilities of the Office—

(1)

the Data Center; and

(2)

the Research and Analysis Center.

(b)

Data Center

(1)

General duties

(A)

Data collection

(B)

Authority

(i)

In general

(ii)

Mitigation of report burden

(iii)

Collection of financial transaction and position data

(C)

Rulemaking

(2)

Responsibilities

(A)

Publication

The Data Center shall prepare and publish, in a manner that is easily accessible to the public—

(i)

a financial company reference database;

(ii)

a financial instrument reference database; and

(iii)

formats and standards for Office data, including standards for reporting financial transaction and position data to the Office.

(B)

Confidentiality

(3)

Information security

(4)

Catalog of financial entities and instruments

(5)

Availability to the Council and member agencies

(6)

Other authority

(c)

Research and Analysis Center

(1)

 So in original. No par. (2) has been enacted.

General duties

The Research and Analysis Center, on behalf of the Council, shall develop and maintain independent analytical capabilities and computing resources—

(A)

to develop and maintain metrics and reporting systems for risks to the financial stability of the United States;

(B)

to monitor, investigate, and report on changes in systemwide risk levels and patterns to the Council and Congress;

(C)

to conduct, coordinate, and sponsor research to support and improve regulation of financial entities and markets;

(D)

to evaluate and report on stress tests or other stability-related evaluations of financial entities overseen by the member agencies;

(E)

to maintain expertise in such areas as may be necessary to support specific requests for advice and assistance from financial regulators;

(F)

to investigate disruptions and failures in the financial markets, report findings, and make recommendations to the Council based on those findings;

(G)

to conduct studies and provide advice on the impact of policies related to systemic risk; and

(H)

to promote best practices for financial risk management.

(d)

Reporting responsibilities

(1)

Required reports

(2)

Content

Each report required by this subsection shall assess the state of the United States financial system, including—

(A)

an analysis of any threats to the financial stability of the United States;

(B)

the status of the efforts of the Office in meeting the mission of the Office; and

(C)

key findings from the research and analysis of the financial system by the Office.

(Pub. L. 111–203, title I, § 154, July 21, 2010, 124 Stat. 1416.)

cite as: 12 USC 5344