12 U.S.C. § 5343 — Purpose and duties of the Office

Page 1851 TITLE 12—BANKS AND BANKING § 5343 (h) Technical and professional advisory commit- tees The Office, in consultation with the Chair- person, may appoint such special advisory, tech- nical, or professional committees as may be use- ful in carrying out the functions of the Office, and the members of such committees may be staff of the Office, or other persons, or both. (i) Fellowship program The Office, in consultation with the Chair- person, may establish and maintain an academic and professional fellowship program, under which qualified academics and professionals shall be invited to spend not longer than 2 years at the Office, to perform research and to provide advanced training for Office personnel. (Pub. L. 111–203, title I, § 152, July 21, 2010, 124 Stat. 1413.) Editorial Notes REFERENCES IN TEXT Level III of the Executive Schedule, referred to in subsec. (b)(3), is set out in section 5314 of Title 5, Gov- ernment Organization and Employees. CODIFICATION Section is comprised of section 152 of Pub. L. 111–203. Subsecs. (d)(3), (4) and (j) of section 152 amended sec- tion 1833b of this title and sections 3132 and 5314 of Title 5, Government Organization and Employees, respec- tively. § 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 sup- port 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 agen- cies; and (7) assisting such member agencies in deter- mining the types and formats of data author- ized by this Act to be collected by such mem- ber 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, infor- mation, and software— (A) shall be maintained with at least the same level of security as is used by the Of- fice; 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 fi- nancial analyses undertaken at the request of other Federal agencies that are not member agencies. (c) Rulemaking authority (1) Scope The Office, in consultation with the Chair- person, shall issue rules, regulations, and or- ders only to the extent necessary to carry out the purposes and duties described in para- graphs (1), (2), and (7) of subsection (a). (2) Standardization Member agencies, in consultation with the Office, shall implement regulations promul- gated by the Office under paragraph (1) to standardize the types and formats of data re- ported and collected on behalf of the Council, as described in subsection (a)(2). If a member agency fails to implement such regulations prior to the expiration of the 3-year period fol- lowing the date of publication of final regula- tions, the Office, in consultation with the Chairperson, may implement such regulations with respect to the financial entities under the jurisdiction of the member agency. This paragraph shall not supersede or interfere with the independent authority of a member agency under other law to collect data, in such format and manner as the member agency re- quires. (d) Testimony (1) In general The Director of the Office shall report to and testify before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives annually on the ac- tivities of the Office, including the work of the Data Center and the Research and Analysis Center, and the assessment of the Office of sig- nificant financial market developments and potential emerging threats to the financial stability of the United States. (2) No prior review No officer or agency of the United States shall have any authority to require the Direc- tor to submit the testimony required under paragraph (1) or other congressional testi- mony to any officer or agency of the United States for approval, comment, or review prior to the submission of such testimony. Any such testimony to Congress shall include a state- ment that the views expressed therein are those of the Director and do not necessarily represent the views of the President. (e) Additional reports The Director may provide additional reports to Congress concerning the financial stability of the United States. The Director shall notify the Council of any such additional reports provided to Congress. (f) Subpoena (1) In general The Director may require from a financial company, by subpoena, the production of the Page 1852 TITLE 12—BANKS AND BANKING § 5344 data requested under subsection (a)(1) and sec- tion 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 rel- evant primary financial regulatory agency, as required under section 5344(b)(1)(B)(ii) of this title. (2) Format Subpoenas under paragraph (1) shall bear the signature of the Director, and shall be served by any person or class of persons designated by the Director for that purpose. (3) Enforcement In the case of contumacy or failure to obey a subpoena, the subpoena shall be enforceable by order of any appropriate district court of the United States. Any failure to obey the order of the court may be punished by the court as a contempt of court. (Pub. L. 111–203, title I, § 153, July 21, 2010, 124 Stat. 1415.) Editorial Notes REFERENCES IN TEXT This Act, referred to in subsec. (a)(7), is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd- Frank Wall Street Reform and Consumer Protection Act, which enacted this chapter and chapters 108 (§ 8201 et seq.) and 109 (§ 8301 et seq.) of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables. § 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 The Data Center, on behalf of the Council, shall collect, validate, and maintain all data necessary to carry out the duties of the Data Center, as described in this part. The data assembled shall be obtained from member agencies, commercial data providers, pub- licly available data sources, and financial entities under subparagraph (B). (B) Authority (i) In general The Office may, as determined by the Council or by the Director in consultation with the Council, require the submission of periodic and other reports from any fi- nancial company for the purpose of assess- ing the extent to which a financial activ- ity or financial market in which the finan- cial company participates, or the financial company itself, poses a threat to the finan- cial stability of the United States. (ii) Mitigation of report burden Before requiring the submission of a re- port from any financial company that is regulated by a member agency, any pri- mary financial regulatory agency, a for- eign supervisory authority, or the Office shall coordinate with such agencies or au- thority, and shall, whenever possible, rely on information available from such agen- cies or authority. (iii) Collection of financial transaction and position data The Office shall collect, on a schedule determined by the Director, in consulta- tion with the Council, financial trans- action data and position data from finan- cial companies. (C) Rulemaking The Office shall promulgate regulations pursuant to subsections (a)(1), (a)(2), (a)(7), and (c)(1) of section 5343 of this title regard- ing the type and scope of the data to be col- lected by the Data Center under this para- graph. (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 data- base; (ii) a financial instrument reference database; and (iii) formats and standards for Office data, including standards for reporting fi- nancial transaction and position data to the Office. (B) Confidentiality The Data Center shall not publish any con- fidential data under subparagraph (A). (3) Information security The Director shall ensure that data col- lected and maintained by the Data Center are kept secure and protected against unauthor- ized disclosure. (4) Catalog of financial entities and instru- ments The Data Center shall maintain a catalog of the financial entities and instruments re- ported to the Office. (5) Availability to the Council and member agencies The Data Center shall make data collected and maintained by the Data Center available to the Council and member agencies, as nec- essary to support their regulatory responsibil- ities. (6) Other authority The Office shall, after consultation with the member agencies, provide certain data to fi- nancial industry participants and to the gen- eral public to increase market transparency and facilitate research on the financial sys- tem, to the extent that intellectual property rights are not violated, business confidential