08.09.18
Trump Administration Cuts Staff at Financial Markets Watchdog: Source
by: Pete Schroeder
The Trump administration moved on Wednesday to shrink the Treasury Department's Office of Financial Research (OFR), notifying around 40 staff members they would be laid off as part of a broader reorganization of the agency. Staff at the OFR were told in January that jobs would be eliminated as the administration sought to cut the OFR's budget by 25 percent to around $76 million, said an insider. “We are working to make OFR a more efficient organization with a stronger workforce and culture to better execute on the mission,” a spokesperson for the Treasury said. The OFR is one of several financial regulators being overhauled under President Donald Trump, including the Financial Stability Oversight Council, also housed within the Treasury, and the Consumer Financial Protection Bureau.
Read the full article on Reuters