Ed Royce: “Let's be clear about what this proposal does and does not do. Nothing in this amendment says that the Office of…”

“Let's be clear about what this proposal does and does not do. Nothing in this amendment says that the Office of Financial Research must amend their work product because of public comments provided to them. The amendment here simply ensures that the public gets a chance to comment. I have asked eight--eight--FSOC members about their potential opposition to this idea. Not a single one has raised an objection to this. As to any rhetoric in opposition to this amendment, a lot of it has centered on the potential of opening up the Office of Financial Research to inappropriate influence. Nothing could be further from reality. Inappropriate influence is what happens when you labor long with little or no transparency, not when you provides more sunlight. What this amendment does is provides that transparency. It provides that sunlight by opening that up. There has been considerable, warranted criticism from those across the ideological spectrum about the quality of the OFR's research. We are taking a step today to improve the Office of Financial Research's research practices, something integral to FSOC reform as the Council makes designation decisions founded on the Office's work. Regulators making decisions on financial stability should do so with their eyes wide open. A more transparent, collaborative, and cyber secure Office of Financial Research accomplishes that end. For that reason, I urge Members from both sides of the aisle to support this amendment. Mr.…”