---
kind: "section"
citation: "12 U.S.C. § 5346"
title: "12"
title_heading: "Banks and Banking"
number: "5346"
heading: "Transition oversight"
release: "119-102"
url: "https://uscodex.org/usc/12/5346"
units:
  - "Chapter 53 — Wall Street Reform and Consumer Protection"
  - "Subchapter I — Financial Stability"
  - "Part B — Office of Financial Research"
---

# §5346. Transition oversight

- (a) **Purpose—** The purpose of this section is to ensure that the [Office](/usc/12/5341.md?p=1)—
  - (1) has an orderly and organized startup;
  - (2) attracts and retains a qualified workforce; and
  - (3) establishes comprehensive employee training and benefits programs.
- (b) **Reporting requirement—**
  - (1) **In general—** The [Office](/usc/12/5341.md?p=1) shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that [includes](/usc/12/25b.md?p=a-3) the plans described in [paragraph (2)](#b-2).
  - (2) **Plans—** The plans described in this paragraph are as follows:
    - (A) **Training and workforce development plan—** The [Office](/usc/12/5341.md?p=1) shall submit a training and workforce development plan that [includes](/usc/12/25b.md?p=a-3), to the extent practicable—
      - (i) identification of skill and technical expertise needs and actions taken to meet those requirements;
      - (ii) steps taken to foster innovation and creativity;
      - (iii) leadership development and succession planning; and
      - (iv) effective use of technology by employees.
    - (B) **Workplace flexibility plan—** The [Office](/usc/12/5341.md?p=1) shall submit a workforce flexibility plan that [includes](/usc/12/25b.md?p=a-3), to the extent practicable—
      - (i) telework;
      - (ii) flexible work schedules;
      - (iii) phased retirement;
      - (iv) reemployed annuitants;
      - (v) part-time work;
      - (vi) job sharing;
      - (vii) parental leave benefits and childcare assistance;
      - (viii) domestic partner benefits;
      - (ix) other workplace flexibilities; or
      - (x) any combination of the items described in [clauses (i) through (ix)](#b-2-B-i..b-2-B-ix).
    - (C) **Recruitment and retention plan—** The [Office](/usc/12/5341.md?p=1) shall submit a recruitment and retention plan that [includes](/usc/12/25b.md?p=a-3), to the extent practicable, provisions relating to—
      - (i) the steps necessary to target highly qualified applicant pools with diverse backgrounds;
      - (ii) streamlined employment application processes;
      - (iii) the provision of timely notification of the status of employment applications to applicants; and
      - (iv) the collection of information to measure indicators of hiring effectiveness.
- (c) **Expiration—** The reporting requirement under [subsection (b)](#b) shall terminate 5 years after July 21, 2010.
- (d) **Rule of construction—** Nothing in this section may be construed to affect—
  - (1) a collective bargaining agreement, as that term is defined in [section 7103(a)(8) of title 5](/usc/5/7103.md?p=a-8), that is in effect on July 21, 2010; or
  - (2) the rights of employees under [chapter 71](/usc/5/chptIII-sptF-ch71.md) of title 5.

## Source credit

(Pub. L. 111–203, title I, § 156, July 21, 2010, 124 Stat. 1419.)