Senators Warren, Reed Call on Office of Financial Research to Use Authority to Safeguard our Financial System Following Bank Collapses

Press Release

"Recent turmoil in the banking system following the failures of Silicon Valley Bank and Signature Bank, which forced financial regulators to take extraordinary action to stem contagion, underscores the need for OFR to use all its tools to live up to its mission and help keep our financial system safe.

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OFR's 2022 Annual Report highlights steps the agency has taken over the last year to address some of these data gaps through two pilot programs: the Non-centrally Cleared Bilateral Repo pilot and the OFR-hosted Climate Data and Analytics Hub pilot. These are important steps to improve financial regulators' visibility into risks in these areas, and we urge OFR to utilize the full extent of its data collection powers to address all of the data gaps it has identified."

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