A bill to abolish the Office of Financial Research.
Impact
If enacted, SB1964 would repeal specific sections of the Financial Stability Act that authorized the OFR, including changes to various statutes and technical amendments relating to the role and functions of the office. This would not only eliminate the OFR as a separate entity but also lead to technical changes across multiple sections of the U.S. Code to reflect this repeal. The overall impact on state laws and financial regulations would be significant as it may alter how financial oversight responsibilities are distributed among existing agencies, potentially allowing for more direct control over financial research without the centralization previously represented by the OFR.
Summary
Senate Bill 1964 aims to abolish the Office of Financial Research (OFR), an office established under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill’s proponents contend that the OFR has outlived its usefulness and that its functions could be better handled by existing financial regulatory agencies without the necessity of a separate office. By eliminating the OFR, the bill represents an effort to streamline federal financial oversight and reduce bureaucratic duplication within the financial regulatory structure. Supporters believe that this could lead to a more efficient oversight environment, benefiting financial institutions and consumers alike.
Contention
The abolition of the Office of Financial Research has sparked contention among lawmakers and advocates for financial regulation. Advocates of the bill argue that it reflects a necessary step toward efficiency and less government interference in financial markets. However, critics express concerns that the removal of the OFR could lead to diminished financial oversight and less comprehensive data analysis necessary for effective regulation. They argue that having a dedicated office is crucial for addressing systemic risks in the financial system, ensuring that oversight remains robust and comprehensive in light of recent financial crises.
Halt All Lethal Trafficking of Fentanyl Act or the HALT Fentanyl Act This bill places fentanyl-related substances as a class into schedule I of the Controlled Substances Act. A schedule I controlled substance is a drug, substance, or chemical that has a high potential for abuse; has no currently accepted medical value; and is subject to regulatory controls and administrative, civil, and criminal penalties under the Controlled Substances Act. Additionally, the bill establishes a new, alternative registration process for schedule I research that is funded by the Department of Health and Human Services or the Department of Veterans Affairs or that is conducted under an investigative new drug exemption from the Food and Drug Administration. The bill also makes several other changes to registration requirements for conducting research with controlled substances, including permitting a single registration for related research sites in certain circumstances, waiving the requirement for a new inspection in certain situations, and allowing a registered researcher to perform certain manufacturing activities with small quantities of a substance without obtaining a manufacturing registration.
Halt All Lethal Trafficking of Fentanyl Act or the HALT Fentanyl Act This bill places fentanyl-related substances as a class into schedule I of the Controlled Substances Act. A schedule I controlled substance is a drug, substance, or chemical that has a high potential for abuse; has no currently accepted medical value; and is subject to regulatory controls and administrative, civil, and criminal penalties under the Controlled Substances Act. Additionally, the bill establishes a new, alternative registration process for schedule I research that is funded by the Department of Health and Human Services or the Department of Veterans Affairs or that is conducted under an investigative new drug exemption from the Food and Drug Administration. The bill also makes several other changes to registration requirements for conducting research with controlled substances, including permitting a single registration for related research sites in certain circumstances, waiving the requirement for a new inspection in certain situations, and allowing a registered researcher to perform certain manufacturing activities with small quantities of a substance without obtaining a manufacturing registration.