Treasury to Collect $137M From Banks to Fund Research Office
All the firms being required to pay fees have at least $50 billion in total assets, with roughly half of the banks located domestically and the rest from overseas and operating in the U.S.
The agency was created to identify a key shortcoming regulators faced during the financial crisis: access to extensive, granular data on the financial system. The new agency is supposed to collect and analyze data to head off potential problems or better inform regulators as they set policy.
The Treasury said the lion's share of the $137 million to be collected will be used to set up and collect data for its new data center. The funds will also go toward hiring employees and other administrative costs.
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