---
kind: "section"
citation: "12 U.S.C. § 5343"
title: "12"
title_heading: "Banks and Banking"
number: "5343"
heading: "Purpose and duties of the Office"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5343"
units:
  - "Chapter 53 — Wall Street Reform and Consumer Protection"
  - "Subchapter I — Financial Stability"
  - "Part B — Office of Financial Research"
---

# §5343. Purpose and duties of the Office

- (a) **Purpose and duties—** The purpose of the [Office](/usc/12/5341.md?p=1) is to support the [Council](/usc/12/5301.md?p=8) in fulfilling the purposes and duties of the [Council](/usc/12/5301.md?p=8), as set forth in part A, and to support [member agencies](/usc/12/5311.md?p=a-3), by—
  - (1) collecting data on behalf of the [Council](/usc/12/5301.md?p=8), and providing such data to the [Council](/usc/12/5301.md?p=8) and [member agencies](/usc/12/5311.md?p=a-3);
  - (2) standardizing the types and formats of data reported and collected;
  - (3) performing applied research and essential long-term research;
  - (4) developing tools for risk measurement and monitoring;
  - (5) performing other related services;
  - (6) making the results of the activities of the [Office](/usc/12/5341.md?p=1) available to financial regulatory agencies; and
  - (7) assisting such [member agencies](/usc/12/5311.md?p=a-3) in determining the types and formats of data authorized by this Act to be collected by such [member agencies](/usc/12/5311.md?p=a-3).
- (b) **Administrative authority—** The [Office](/usc/12/5341.md?p=1) may—
  - (1) share data and information, [including](/usc/12/5301.md?p=18-A) software developed by the [Office](/usc/12/5341.md?p=1), with the [Council](/usc/12/5301.md?p=8), [member agencies](/usc/12/5311.md?p=a-3), and the [Bureau](/usc/12/5301.md?p=4) of Economic Analysis, which shared data, information, and software—
    - (A) shall be maintained with at least the same level of security as is used by the [Office](/usc/12/5341.md?p=1); and
    - (B) may not be shared with any individual or entity without the permission of the [Council](/usc/12/5301.md?p=8);
  - (2) sponsor and conduct research projects; and
  - (3) assist, on a reimbursable basis, with financial analyses undertaken at the request of other Federal agencies that are not [member agencies](/usc/12/5311.md?p=a-3).
- (c) **Rulemaking authority—**
  - (1) **Scope—** The [Office](/usc/12/5341.md?p=1), in consultation with the [Chairperson](/usc/12/5311.md?p=a-2), shall issue rules, regulations, and orders only to the extent necessary to carry out the purposes and duties described in paragraphs [(1)](#a-1), [(2)](#a-2), and [(7)](#a-7) of subsection (a).
  - (2) **Standardization—** [Member agencies](/usc/12/5311.md?p=a-3), in consultation with the [Office](/usc/12/5341.md?p=1), shall implement regulations promulgated by the [Office](/usc/12/5341.md?p=1) under [paragraph (1)](#c-1) to standardize the types and formats of data reported and collected on behalf of the [Council](/usc/12/5301.md?p=8), as described in [subsection (a)(2)](#a-2). If a [member agency](/usc/12/5311.md?p=a-3) fails to implement such regulations prior to the expiration of the 3-year period following the date of publication of final regulations, the [Office](/usc/12/5341.md?p=1), in consultation with the [Chairperson](/usc/12/5311.md?p=a-2), may implement such regulations with respect to the financial entities under the jurisdiction of the [member agency](/usc/12/5311.md?p=a-3). This paragraph shall not supersede or interfere with the independent authority of a [member agency](/usc/12/5311.md?p=a-3) under other law to collect data, in such format and manner as the [member agency](/usc/12/5311.md?p=a-3) requires.
- (d) **Testimony—**
  - (1) **In general—** The [Director](/usc/12/5341.md?p=1) of the [Office](/usc/12/5341.md?p=1) shall report to and testify before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives annually on the activities of the [Office](/usc/12/5341.md?p=1), [including](/usc/12/5301.md?p=18-A) the work of the [Data Center](/usc/12/5341.md?p=3) and the [Research and Analysis Center](/usc/12/5341.md?p=4), and the assessment of the [Office](/usc/12/5341.md?p=1) of significant financial market developments and potential emerging threats to the financial stability of the United States.
  - (2) **No prior review—** No officer or agency of the United States shall have any authority to require the [Director](/usc/12/5341.md?p=1) to submit the testimony required under [paragraph (1)](#d-1) or other congressional testimony to any officer or agency of the United States for approval, comment, or review prior to the submission of such testimony. Any such testimony to Congress shall include a statement that the views expressed therein are those of the [Director](/usc/12/5341.md?p=1) and do not necessarily represent the views of the President.
- (e) **Additional reports—** The [Director](/usc/12/5341.md?p=1) may provide additional reports to Congress concerning the financial stability of the United States. The [Director](/usc/12/5341.md?p=1) shall notify the [Council](/usc/12/5301.md?p=8) of any such additional reports provided to Congress.
- (f) **Subpoena—**
  - (1) **In general—** The [Director](/usc/12/5341.md?p=1) may require from a [financial company](/usc/12/5341.md?p=2), by subpoena, the production of the data requested under [subsection (a)(1)](#a-1) and [section 5344(b)(1) of this title](/usc/12/5344.md?p=b-1), but only upon a written finding by the [Director](/usc/12/5341.md?p=1) that—
    - (A) such data is required to carry out the functions described under this part; and
    - (B) the [Office](/usc/12/5341.md?p=1) has coordinated with the relevant [primary financial regulatory agency](/usc/12/5301.md?p=12), as required under [section 5344(b)(1)(B)(ii) of this title](/usc/12/5344.md?p=b-1-B-ii).
  - (2) **Format—** Subpoenas under [paragraph (1)](#f-1) shall bear the signature of the [Director](/usc/12/5341.md?p=1), and shall be served by any [person](/usc/12/5481.md?p=19) or class of [persons](/usc/12/5481.md?p=19) designated by the [Director](/usc/12/5341.md?p=1) for that purpose.
  - (3) **Enforcement—** In the case of contumacy or failure to obey a subpoena, the subpoena shall be enforceable by order of any appropriate district [court](/usc/12/5381.md?p=a-6) of the United States. Any failure to obey the order of the [court](/usc/12/5381.md?p=a-6) may be punished by the [court](/usc/12/5381.md?p=a-6) as a contempt of [court](/usc/12/5381.md?p=a-6).

## Source credit

(Pub. L. 111–203, title I, § 153, July 21, 2010, 124 Stat. 1415.)

## Notes

### Editorial Notes

### References in Text

This Act, referred to in subsec. (a)(7), is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, which enacted this chapter and chapters 108 (§ 8201 et seq.) and 109 (§ 8301 et seq.) of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables.