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1.4 Establishment of the Office of Financial Research

1.4. Establishment of the OFR.
The Act establishes the OFR as an office within the Treasury. The OFR will be headed by a Director, who serves a six-year term and will be appointed by the President subject to confirmation by the Senate. [§ 152] The purpose of the OFR is to support the activities of the Oversight Council by, among other things, collecting data, performing research and developing tools for risk measurement. [§ 153] During the two-year period following the date of enactment of the Act, the Fed is required to provide the OFR an amount of funds adequate to cover the OFR's expenses. After that time the Treasury Secretary is required to establish by regulation, with the approval of the Oversight Council, an assessment schedule applicable to Large BHCs and Significant Nonbanks, which takes into account the differences between such Companies to collect assessments equal to expenses of the OFR. [§ 155]