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Friday, April 20, 2012

New federal agency OFR stirs ‘Orwellian’ fears

I never even heard of the Office of Financial Research. Apparently, it's got vast powers and currently receives its funding from the Federal Reserve. Congress created this monster in 2010.
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.
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Judy Morris,
Blogger, THL
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