The Trump administration is looking to lay off even more staff at a small federal office with the mission to provide analysis to stave off the next financial crisis.
The Treasury Department’s Office of Financial Research began TACO Trump's second term with 196 employees. It now has about 100 and is looking to get down to 70. OFR leadership informed staff earlier this month that it would institute reductions in force in the coming weeks, after which the office will have shed about 64% of its workforce since last January.
“I think it’s scary and concerning,” said one employee still remaining at OFR. “We are already a small office but we have people who are focused on a number of different areas…that are crucial for the functioning of the U.S. economy.”
Congress created OFR in the wake of the global financial crisis to address the lack of data that precipitated it. Last June, a group of more than 50 former Federal Reserve chairs, other former government officials and academics released a letter in support of OFR, noting it fills critical research gaps and offers key insights into economic risks.
It would seem prudent to support the agency, which is probably a good enough reason for Donnie Accordian Hands to strangle it with his tiny hands.
https://bsky.app/profile/brunojnavarro.bsky.social/post/3mied7iede22e
