The new administration could take a fresh approach to the mission of the OFR.
Congress created the Office of Financial Research in 2010 to improve financial stability oversight and solve lingering problems with financial data standardization, quality, sharing, and accessibility. Yet the office has interpreted those mandates quite differently under the Obama and Trump administrations. The beginning of a new administration provides the opportunity for a further re-boot.
This panel will feature three authors who have written extensively about the OFR and its mission. They will discuss their perspectives on the OFR’s congressional mandates and how the execution of those mandates could evolve in the Biden administration. Legacy challenges include data gaps; weaknesses in data standards; and the need for better data-sharing, among regulators and with investors, analysts, and academics. Emerging issues include the opportunity to leverage new technologies to improve regulatory data and ease the burden on the private sector; challenges posed by new financial technology (Fintech) business models; and the need for better data about climate risks for both financial and nonfinancial companies.
- Hilary J. Allen, Associate Professor, American University Washington College of Law. (See Resurrecting the OFR).
- Greg Feldberg, Research Scholar and Director of Research, Yale Program on Financial Stability, Yale School of Management (See Fixing financial data to assess systemic risk)
- Kathryn Judge, Columbia Law School (See The Data Standardization Challenge by Richard Berner, Kathryn Judge)
- Russ Wermers, Dean’s Chair in Finance, Robert H. Smith School of Business & Director, Center for Financial Policy