This story appeared in Bank Digest.
Representatives Ted Budd (R-NC) and Alex Mooney (R-WVa) are calling for the Office of Financial Research to be closed. In a statement, Budd said, "The OFR is supposed to forecast financial markets through data collection and market patterns to best inform lawmakers in order to avert a financial crisis. However, this 'one world view' of the financial system has had disastrous consequences. My biggest fear surrounds the OFR's unbridled ability to collect data and spending habits of everyday Americans--while also having the power to subpoena banks for individual loan information, without going to court."
He added that there are a number of other "federal divisions, departments, committees and bureaus" that can collect and analyze the same data the OFR collects and that eliminating the OFR "will result in one less redundant federal division."