--- kind: "section" citation: "12 U.S.C. § 5342" title: "12" title_heading: "Banks and Banking" number: "5342" heading: "Office of Financial Research established" release: "119-102" date: "2026-07-12" url: "https://uscodex.org/usc/12/5342" units: - "Chapter 53 — Wall Street Reform and Consumer Protection" - "Subchapter I — Financial Stability" - "Part B — Office of Financial Research" --- # §5342. Office of Financial Research established - (a) **Establishment—** There is established within the Department of the Treasury the [Office of Financial Research](/usc/12/5311.md?p=a-5). - (b) **Director—** - (1) **In general—** The [Office](/usc/12/5341.md?p=1) shall be headed by a [Director](/usc/12/5341.md?p=1), who shall be appointed by the President, by and with the advice and consent of the Senate. - (2) **Term of service—** The [Director](/usc/12/5341.md?p=1) 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](/usc/12/5341.md?p=1), the [Director](/usc/12/5341.md?p=1) may continue to serve until such time as the next [Director](/usc/12/5341.md?p=1) is appointed and confirmed. - (3) **Executive level—** The [Director](/usc/12/5341.md?p=1) shall be compensated at Level III of the Executive Schedule. - (4) **Prohibition on dual service—** The individual serving in the position of [Director](/usc/12/5341.md?p=1) may not, during such service, also serve as the head of any financial regulatory agency. - (5) **Responsibilities, duties, and authority—** The [Director](/usc/12/5341.md?p=1) shall have sole discretion in the manner in which the [Director](/usc/12/5341.md?p=1) fulfills the responsibilities and duties and exercises the authorities described in this part. - (c) **Budget—** The [Director](/usc/12/5341.md?p=1), in consultation with the [Chairperson](/usc/12/5311.md?p=a-2), shall establish the annual budget of the [Office](/usc/12/5341.md?p=1). - (d) **Office personnel—** - (1) **In general—** The [Director](/usc/12/5341.md?p=1), in consultation with the [Chairperson](/usc/12/5311.md?p=a-2), may fix the number of, and appoint and direct, all employees of the [Office](/usc/12/5341.md?p=1). - (2) **Compensation—** The [Director](/usc/12/5341.md?p=1), in consultation with the [Chairperson](/usc/12/5311.md?p=a-2), shall fix, adjust, and administer the pay for all employees of the [Office](/usc/12/5341.md?p=1), without regard to [chapter 51](/usc/12/chch51.md) or subchapter III of [chapter 53](/usc/5/chptIII/sptD/ch53.md) 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](/usc/12/5341.md?p=1) and any special advisory, technical, or professional committees appointed by the [Office](/usc/12/5341.md?p=1), such services, [funds](/usc/12/5381.md?p=a-12), facilities, staff, and other support services as the [Office](/usc/12/5341.md?p=1) may determine advisable. Any Federal Government employee may be detailed to the [Office](/usc/12/5341.md?p=1) 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](/usc/12/5341.md?p=1) may procure temporary and intermittent services under [section 3109(b) of title 5](/usc/5/3109.md?p=b) 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](/usc/5/5316.md) of such title. - (g) **Post-employment prohibitions—** The [Secretary](/usc/12/5301.md?p=14), with the concurrence of the [Director](/usc/12/5341.md?p=1) of the [Office](/usc/12/5341.md?p=1) of Government Ethics, shall issue regulations prohibiting the [Director](/usc/12/5341.md?p=1) and any employee of the [Office](/usc/12/5341.md?p=1) who has had access to the transaction or [position data](/usc/12/5341.md?p=6) maintained by the [Data Center](/usc/12/5341.md?p=3) or other business confidential information about financial entities required to report to the [Office](/usc/12/5341.md?p=1) from being employed by or providing advice or consulting services to a [financial company](/usc/12/5341.md?p=2), for a period of 1 year after last having had access in the course of official duties to such transaction or [position data](/usc/12/5341.md?p=6) or business confidential information, regardless of whether that entity is required to report to the [Office](/usc/12/5341.md?p=1). 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](/usc/12/5341.md?p=1), in consultation with the [Chairperson](/usc/12/5311.md?p=a-2), may appoint such special advisory, technical, or professional committees as may be useful in carrying out the functions of the [Office](/usc/12/5341.md?p=1), and the members of such committees may be staff of the [Office](/usc/12/5341.md?p=1), or other [persons](/usc/12/5481.md?p=19), or both. - (i) **Fellowship program—** The [Office](/usc/12/5341.md?p=1), in consultation with the [Chairperson](/usc/12/5311.md?p=a-2), 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](/usc/12/5341.md?p=1), to perform research and to provide advanced training for [Office](/usc/12/5341.md?p=1) personnel. ## Source credit (Pub. L. 111–203, title I, § 152, July 21, 2010, 124 Stat. 1413.) ## Notes ### Editorial Notes ### References in Text Level III of the Executive Schedule, referred to in subsec. (b)(3), is set out in section 5314 of Title 5, Government Organization and Employees. ### Codification Section is comprised of section 152 of Pub. L. 111–203. Subsecs. (d)(3), (4) and (j) of section 152 amended section 1833b of this title and sections 3132 and 5314 of Title 5, Government Organization and Employees, respectively.