Sens. Cruz, Braun Introduce Bill to Abolish Office of Financial Research

WASHINGTON, D.C. – U.S. Sens. Ted Cruz (R-Texas) and Mike. Braun (R-Ind.) reintroduced legislation today to eliminate the Office of Financial Research, a stark example of redundancy and unaccountability within the Treasury Department. Sen. Cruz previously introduced this bill in 2019 and 2021.

About the bill, Sen. Cruz said, “We need to rein in bureaucratic overreach by the federal government. By eliminating useless and unaccountable offices like the Office of Financial Research, we will better serve the people of Texas, and other Americans the federal government is designed to serve. I am proud to lead this effort in the Senate with Sen. Braun, as we work to put American taxpayers first.”

Background:

The Office of Financial Research is duplicative because its objective to analyze risk with respect to financial markets is already covered by roughly 20 other entities in the Treasury Department, and other federal entities charged with oversight to protect investors. Read Sen. Cruz’s bill to eliminate the Office of Financial Research here.

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