“Unsurprisingly, the Biden Administration has not imposed any cost on Russia for creating and weaponizing this energy crisis. Putin is also publicly warning European Union leaders to quickly certify NS2 if they want relief from Europe’s worst gas crisis in years. Since the Biden Administration refused to impose mandatory congressional sanctions on NS2 earlier this year, Russia has cut gas transit through Ukraine and amassed troops and military equipment on the Ukrainian border. “For the third year in a row, a bipartisan majority in Congress has acted to stop the malign NS2 project. I urge my colleagues on both sides of the aisle to reassert our bipartisan consensus that Putin’s pipeline is bad for American national security and the security of our allies, and to impose sanctions on entities constructing the pipeline before it is able to come online.” American weakness has already emboldened Putin to escalate his use of energy as a weapon and regional aggression. by allowing Nord Stream 2 to come online. “The Biden administration is at risk of creating a generational, geopolitical catastrophe for the U.S. The amendment imposes mandatory sanctions on Nord Stream 2 AG, the Kremlin-owned company in charge of Putin’s malign pipeline project. Ted Cruz (R-Texas), Jim Risch (R-Idaho), Rob Portman (R-Ohio), John Barrasso (R-Wyo.), Ron Johnson (R-Wis.), and Tom Cotton (R-Ark.), members of the Senate Foreign Relations Committee, introduced an amendment to the FY2022 National Defense Authorization Act (NDAA) to stop the Nord Stream 2 (NS2) pipeline project. The conservatives also noted that the office “is funded outside the appropriations process, receiving its funding through fees collected from predominantly bank holding companies and some non-financial companies with little oversight of how the fees are spent.HOUSTON, Texas – U.S. The office enjoys subpoena power in order to obtain financial documents that other agencies also acquire, a situation that raises “serious concerns regarding data and privacy security,” the conservative groups warned. However, this objective already exists within roughly 20 other agencies, departments, bureaus and committees, most notably within the Department of the Treasury, the Federal Deposit Insurance Corporation and the Federal Reserve.” The groups noted that the Office of Financial Research’s “mission is to support the Financial Stability Oversight Council and its member agencies by collecting and analyzing data and risk toward financial markets. senator.) The bill never received a vote in the Democratic-controlled 116th Congress.Ī coalition of conservative groups led by Americans for Tax Reform supported the 2019 Cruz bill, arguing that it would complete a 2018 law reforming Dodd-Frank. and Warren Davidson, R-Ohio, filed the companion bill in the House of Representatives. Thom Tillis, R-N.C., and Tom Cotton, R-Ark., filed a similar bill in 2019. Braun, as we work to put American taxpayers first.”Ĭruz, along with Sens. I am proud to lead this effort in the Senate with Sen. “By eliminating useless and unaccountable offices like the Office of Financial Research, we will better serve the people of Texas, and other Americans the federal government is designed to serve. “We need to rein in bureaucratic overreach by the federal government,” Cruz said in a press release first provided to The Daily Signal. The Cruz bill surgically amends federal law to remove the authorization for the office, which Cruz argues is unnecessary since other federal agencies already do the work under the office’s purview. Barney Frank, D-Mass., co-authored the legislation, which then-President Barack Obama signed in 2010.) Mike Braun, R-Ind., filed the bill to abolish the Office of Financial Research, an agency within the Department of the Treasury created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Ted Cruz introduced a bill Wednesday aiming to abolish a federal agency that arguably duplicates work that other agencies already do and that does not rely on Congress for its funding.Ĭruz, R-Texas, and Sen.
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