Sponsors (25)
The bill strengthens the Office of Financial Research's ability to obtain information and detect systemic risk—potentially protecting taxpayers and consumers—but it also expands regulatory reach in ways that could raise compliance costs, legal uncertainty, and privacy concerns for firms and their counterparties.
Consumers and taxpayers — clearer subpoena-related language may help regulators detect systemic risks sooner, reducing the likelihood of taxpayer-funded bailouts or widespread financial disruption.
Federal financial regulators and OFR staff — clarified statutory authority improves the Office of Financial Research's ability to obtain information and carry out monitoring and oversight functions.
Banks and financial firms — broader subpoena/authority language could expand regulatory reach and increase compliance costs that may be passed on to customers.
Financial firms and taxpayers — expanding OFR authority without clear limits could create legal uncertainty and lead to more litigation or uneven enforcement, raising costs and unpredictability.
Companies and their counterparties — expanded data collection authority could raise privacy and confidentiality risks for firms and commercial counterparties.
Based on analysis of 5 sections of legislative text.
Removes a paragraph from 31 U.S.C. §313(e) and specifies unspecified insertions to federal insurance confidentiality and OFR subpoena provisions, plus two blank placeholder amendments.
Introduced May 15, 2025 by Scott Fitzgerald · Last progress May 15, 2025
Removes a specific paragraph from 31 U.S.C. § 313(e) and makes a series of textual insertions into federal confidentiality and subpoena-related provisions affecting the Federal Insurance Office and the Office of Financial Research. The bill also includes empty placeholder amendments to the Financial Stability Act and the Dodd‑Frank Act table of contents. As provided, the measure contains no substantive inserted text, funding, deadlines, or an effective date, so its practical effects are unclear and depend on language not included in the excerpt.