12 U.S.C. § 5344 — Organizational structure; responsibilities

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 of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code.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 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.)