OFR Catches More Flack over Asset Management, Data Security
On Wednesday, the House FinServ Oversight and Investigations Subcommittee heard testimony from OFR Director Richard Berner on the agency’s second annual report to Congress. Discussion predictably focused on the OFR’s recent asset management study (see FSM Report SYSTEMIC69), with GOP Members objecting to its findings and sharply questioning its research methods. Strong concerns, particularly by Reps. Duffy (R-WI) and Fitzpatrick (R-PA), were also raised over the adequacy of the OFR’s ability to secure the data it receives. Although House Democrats were largely unified in their praise for the agency, but, while Rep. Maloney (D-NY) joined in, she criticized the OFR’s data sources and efforts to promote the LEI (see Reports in the LEI series). Mr. Berner reiterated that its asset management study was intended to educate the FSOC and focuses on widespread risky activities, not individual institutions. He did, however, agree that OFR will host a public form on this issue. Other issues discussed include the OFR’s budget, and its monitoring tools. This report analyzes today’s hearing.
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