It is the most powerful federal agency you’ve never heard of — and lawmakers from both parties on Thursday vowed to keep abreast of its astonishing growth and rein it in, if necessary.

The Office of Financial Research, or OFR, was created by the Dodd-Frank financial services overhaul that President Obama signed into law in July 2010. Technically housed under the Treasury Department, the agency has until now received its funding not from the Congress, but directly from the Federal Reserve.

Starting in July, the OFR Fiscal Year 2013 budget, estimated at $158 million, will be funded entirely through assessments — also known as taxes — on bank-holding firms with consolidated assets worth at least $50 billion.

GET MORE STORIES LIKE THIS

IN YOUR INBOX!

Sign up for our daily email and get the stories everyone is talking about.

Uncategorized
Previous post

Actor Kevin Bacon: Obama has ‘made a difference’

Next post

Obama Attorney: 'Mickey Mouse' Could be on Ballot