Republicans want details on new financial research office's budget

Washington, Nov 14, 2011 -
By Peter Schroeder - 11/14/11 02:36 PM ET

A pair of House Republicans are demanding a new financial research office established by the Dodd-Frank reform law justify its need for millions in funds.

In a letter sent Thursday, Reps. Randy Neugebauer (R-Texas) and Francisco "Quico" Canseco (R-Texas) said they need more information about how the Treasury Department's new Office of Financial Research (OFR) plans to operate, and how roughly $85 million funds will be used.

The letter also marks the latest round of sparring between Republicans, who criticize the budgets of various financial regulators, and the Obama administration that is looking to beef up those bureaus in the wake of Dodd-Frank.

The OFR was created by the Wall Street overhaul for the express purpose of collecting and analyzing financial data in an attempt to sniff out future financial crises before they hit.

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