12 U.S.C. § 5345 — Funding

Page 1853 TITLE 12—BANKS AND BANKING § 5345 1 So in original. No par. (2) has been enacted. 1 So in original. Comma probably should not appear. 2 See Codification and 2018 Amendment notes below. information is properly protected, and the sharing of such information poses no signifi- cant threats to the financial system of the United States. (c) Research and Analysis Center (1) 1 General duties The Research and Analysis Center, on behalf of the Council, shall develop and maintain independent analytical capabilities and com- puting 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 pat- terns to the Council and Congress; (C) to conduct, coordinate, and sponsor re- search to support and improve regulation of financial entities and markets; (D) to evaluate and report on stress tests or other stability-related evaluations of fi- nancial entities overseen by the member agencies; (E) to maintain expertise in such areas as may be necessary to support specific re- quests for advice and assistance from finan- cial 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 Not later than 2 years after July 21, 2010, and not later than 120 days after the end of each fiscal year thereafter, the Office shall prepare and submit a report to Congress. (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 finan- cial 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 Of- fice. (Pub. L. 111–203, title I, § 154, July 21, 2010, 124 Stat. 1416.) § 5345. Funding (a) Financial Research Fund (1) Fund established There is established in the Treasury of the United States a separate fund to be known as the ‘‘Financial Research Fund’’. (2) Fund receipts All amounts provided to the Office under subsection (c),1 and all assessments that the Office receives under subsection (d) shall be deposited into the Financial Research Fund. (3) Investments authorized (A) Amounts in fund may be invested The Director may request the Secretary to invest the portion of the Financial Research Fund that is not, in the judgment of the Di- rector, required to meet the needs of the Of- fice. (B) Eligible investments Investments shall be made by the Sec- retary in obligations of the United States or obligations that are guaranteed as to prin- cipal and interest by the United States, with maturities suitable to the needs of the Fi- nancial Research Fund, as determined by the Director. (4) Interest and proceeds credited The interest on, and the proceeds from the sale or redemption of, any obligations held in the Financial Research Fund shall be credited to and form a part of the Financial Research Fund. (b) Use of funds (1) In general Funds obtained by, transferred to, or cred- ited to the Financial Research Fund shall be immediately available to the Office, and shall remain available until expended, to pay the expenses of the Office in carrying out the du- ties and responsibilities of the Office. (2) Fees, assessments, and other funds not Gov- ernment funds Funds obtained by, transferred to, or cred- ited to the Financial Research Fund shall not be construed to be Government funds or appro- priated moneys. (3) Amounts not subject to apportionment Notwithstanding any other provision of law, amounts in the Financial Research Fund shall not be subject to apportionment for purposes of chapter 15 of title 31, or under any other au- thority, or for any other purpose. (c) Interim funding During the 2-year period following July 21, 2010, the Board of Governors shall provide to the Office an amount sufficient to cover the ex- penses of the Office. (d) Permanent self-funding Beginning 2 years after July 21, 2010, the Sec- retary shall establish, by regulation, and with the approval of the Council, an assessment schedule, including the assessment base and rates, applicable to bank holding companies with total consolidated assets of $$250,000,000,000 2 or greater and nonbank finan- cial companies supervised by the Board of Gov- ernors, that takes into account differences among such companies, based on the consider- ations for establishing the prudential standards under section 5325 of this title, to collect assess- ments equal to the total expenses of the Office. (Pub. L. 111–203, title I, § 155, July 21, 2010, 124 Stat. 1418; Pub. L. 115–174, title IV, § 401(c)(1)(D), May 24, 2018, 132 Stat. 1358.) Page 1854 TITLE 12—BANKS AND BANKING § 5346 Editorial Notes CODIFICATION Amendment by Pub. L. 115–174 was executed to sub- sec. (d) of this section as it appeared in the enrolled bill for H.R. 4173 (111th Congress, 2d session), which con- tained the text ‘‘$50,000,000,000’’. As published in the Statutes at Large for Pub. L. 111–203, text appeared as ‘‘50,000,000,000’’. AMENDMENTS 2018—Subsec. (d). Pub. L. 115–174 substituted ‘‘$250,000,000,000’’ for ‘‘50,000,000,000’’. See Codification note above. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2018 AMENDMENT Except as otherwise provided, amendment by Pub. L. 115–174 effective 18 months after May 24, 2018, see sec- tion 401(d) of Pub. L. 115–174, set out as a note under section 5365 of this title. CONSTRUCTION OF 2018 AMENDMENT For construction of amendment by Pub. L. 115–174 as applied to certain foreign banking organizations, see section 401(g) of Pub. L. 115–174, set out as a note under section 5365 of this title. § 5346. Transition oversight (a) Purpose The purpose of this section is to ensure that the Office— (1) has an orderly and organized startup; (2) attracts and retains a qualified work- force; and (3) establishes comprehensive employee training and benefits programs. (b) Reporting requirement (1) In general The Office shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Com- mittee on Financial Services of the House of Representatives that includes the plans de- scribed in paragraph (2). (2) Plans The plans described in this paragraph are as follows: (A) Training and workforce development plan The Office shall submit a training and workforce development plan that includes, to the extent practicable— (i) identification of skill and technical expertise needs and actions taken to meet those requirements; (ii) steps taken to foster innovation and creativity; (iii) leadership development and succes- sion planning; and (iv) effective use of technology by em- ployees. (B) Workplace flexibility plan The Office shall submit a workforce flexi- bility plan that includes, to the extent prac- ticable— (i) telework; (ii) flexible work schedules; (iii) phased retirement; (iv) reemployed annuitants; (v) part-time work; (vi) job sharing; (vii) parental leave benefits and childcare assistance; (viii) domestic partner benefits; (ix) other workplace flexibilities; or (x) any combination of the items de- scribed in clauses (i) through (ix). (C) Recruitment and retention plan The Office shall submit a recruitment and retention plan that includes, to the extent practicable, provisions relating to— (i) the steps necessary to target highly qualified applicant pools with diverse backgrounds; (ii) streamlined employment application processes; (iii) the provision of timely notification of the status of employment applications to applicants; and (iv) the collection of information to measure indicators of hiring effectiveness. (c) Expiration The reporting requirement under subsection (b) shall terminate 5 years after July 21, 2010. (d) Rule of construction Nothing in this section may be construed to affect— (1) a collective bargaining agreement, as that term is defined in section 7103(a)(8) of title 5, that is in effect on July 21, 2010; or (2) the rights of employees under chapter 71 of title 5. (Pub. L. 111–203, title I, § 156, July 21, 2010, 124 Stat. 1419.) PART C—ADDITIONAL BOARD OF GOVERNORS AU- THORITY FOR CERTAIN NONBANK FINANCIAL COMPANIES AND BANK HOLDING COMPANIES § 5361. Reports by and examinations of nonbank financial companies by the Board of Gov- ernors (a) Reports (1) In general The Board of Governors may require each nonbank financial company supervised by the Board of Governors, and any subsidiary there- of, to submit reports under oath, to keep the Board of Governors informed as to— (A) the financial condition of the company or subsidiary, systems of the company or subsidiary for monitoring and controlling fi- nancial, operating, and other risks, and the extent to which the activities and oper- ations of the company or subsidiary pose a threat to the financial stability of the United States; and (B) compliance by the company or sub- sidiary with the requirements of this sub- chapter. (2) Use of existing reports and information In carrying out subsection (a), the Board of Governors shall, to the fullest extent possible, use—