Page:United States Statutes at Large Volume 124.djvu/1441

 124 STAT. 1415 PUBLIC LAW 111–203—JULY 21, 2010 SEC. 153. PURPOSE AND DUTIES OF THE OFFICE. (a) PURPOSE AND DUTIES.—The purpose of the Office is to support the Council in fulfilling the purposes and duties of the Council, as set forth in subtitle A, and to support member agencies, by— (1) collecting data on behalf of the Council, and providing such data to the Council and member agencies; (2) standardizing the types and formats of data reported and collected; (3) performing applied research and essential long-term research; (4) developing tools for risk measurement and monitoring; (5) performing other related services; (6) making the results of the activities of the Office avail- able to financial regulatory agencies; and (7) assisting such member agencies in determining the types and formats of data authorized by this Act to be collected by such member agencies. (b) ADMINISTRATIVE AUTHORITY.—The Office may— (1) share data and information, including software devel- oped by the Office, with the Council, member agencies, and the Bureau of Economic Analysis, which shared data, informa- tion, and software— (A) shall be maintained with at least the same level of security as is used by the Office; and (B) may not be shared with any individual or entity without the permission of the Council; (2) sponsor and conduct research projects; and (3) assist, on a reimbursable basis, with financial analyses undertaken at the request of other Federal agencies that are not member agencies. (c) RULEMAKING AUTHORITY.— (1) SCOPE.—The Office, in consultation with the Chair- person, shall issue rules, regulations, and orders only to the extent necessary to carry out the purposes and duties described in paragraphs (1), (2), and (7) of subsection (a). (2) STANDARDIZATION.—Member agencies, in consultation with the Office, shall implement regulations promulgated by the Office under paragraph (1) to standardize the types and formats of data reported and collected on behalf of the Council, as described in subsection (a)(2). If a member agency fails to implement such regulations prior to the expiration of the 3-year period following the date of publication of final regula- tions, the Office, in consultation with the Chairperson, may implement such regulations with respect to the financial enti- ties under the jurisdiction of the member agency. This para- graph shall not supersede or interfere with the independent authority of a member agency under other law to collect data, in such format and manner as the member agency requires. (d) TESTIMONY.— (1) IN GENERAL.—The Director of the Office shall report to and testify before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives annually on the activi- ties of the Office, including the work of the Data Center and the Research and Analysis Center, and the assessment of the Reports. Time period. 12 USC 5343.