12 USC 5342 – Office of Financial Research established
(a) Establishment
There is established within the Department of the Treasury the Office of Financial Research.
(b) Director
(1) In general
The Office shall be headed by a Director, who shall be appointed by the President, by and with the advice and consent of the Senate.
(2) Term of service
The Director shall serve for a term of 6 years, except that, in the event that a successor is not nominated and confirmed by the end of the term of service of a Director, the Director may continue to serve until such time as the next Director is appointed and confirmed.
(3) Executive level
The Director shall be compensated at Level III of the Executive Schedule.
(4) Prohibition on dual service
The individual serving in the position of Director may not, during such service, also serve as the head of any financial regulatory agency.
(5) Responsibilities, duties, and authority
The Director shall have sole discretion in the manner in which the Director fulfills the responsibilities and duties and exercises the authorities described in this part.
(c) Budget
Terms Used In 12 USC 5342
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Chairperson: means the Chairperson of the Council. See 12 USC 5311
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See 1 USC 8
- Office of Financial Research: means the office established under section 5342 of this title. See 12 USC 5311
The Director, in consultation with the Chairperson, shall establish the annual budget of the Office.
(d) Office personnel
(1) In general
The Director, in consultation with the Chairperson, may fix the number of, and appoint and direct, all employees of the Office.
(2) Compensation
The Director, in consultation with the Chairperson, shall fix, adjust, and administer the pay for all employees of the Office, without regard to chapter 51 or subchapter III of chapter 53 of title 5, relating to classification of positions and General Schedule pay rates.
(3), (4) Omitted
(e) Assistance from Federal agencies
Any department or agency of the United States may provide to the Office and any special advisory, technical, or professional committees appointed by the Office, such services, funds, facilities, staff, and other support services as the Office may determine advisable. Any Federal Government employee may be detailed to the Office without reimbursement, and such detail shall be without interruption or loss of civil service status or privilege.
(f) Procurement of temporary and intermittent services
The Director may procure temporary and intermittent services under section 3109(b) of title 5 at rates for individuals which do not exceed the daily equivalent of the annual rate of basic pay prescribed for Level V of the Executive Schedule under section 5316 of such title.
(g) Post-employment prohibitions
The Secretary, with the concurrence of the Director of the Office of Government Ethics, shall issue regulations prohibiting the Director and any employee of the Office who has had access to the transaction or position data maintained by the Data Center or other business confidential information about financial entities required to report to the Office from being employed by or providing advice or consulting services to a financial company, for a period of 1 year after last having had access in the course of official duties to such transaction or position data or business confidential information, regardless of whether that entity is required to report to the Office. For employees whose access to business confidential information was limited, the regulations may provide, on a case-by-case basis, for a shorter period of post-employment prohibition, provided that the shorter period does not compromise business confidential information.
(h) Technical and professional advisory committees
The Office, in consultation with the Chairperson, may appoint such special advisory, technical, or professional committees as may be useful 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 Chairperson, 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.