Post by scp on May 14, 2010 9:07:10 GMT 4
a possible new member of the alphabet soupe
Section 152 of the Senate's financial reform bill establishes an Office of Financial Research within the Treasury Department to collect and analyze some/many/all financial transaction in the country.
"The proposed Office of Financial Research would include a newly-created Data Center tasked with collecting, validating, and maintaining data from member agencies, commercial data providers, publicly available data sources, and financial entities in order to assess the extent to which a financial activity, financial market, or the financial company poses a threat to the financial stability of the United States."
The legislation was lobbied for and mostly written by the Committee to Establish a National Institute for Finance (http://www.ce-nif.org/).
The OFR is the research and analysis arm of the Systemic Risk Oversight Council. OFR's mandate is to collect data from top banking and non-banking financial entities, as directed by the Systemic Risk Oversight Committee, and provide analysis of risk in the financial system.
Receiving this data is very high volume that is why the OFR will need to build data infrastructure and analytical capabilities that are able to process daily downloads from hundreds of institutions.
There is no mention of consumer information in the OFR proposal or Systemic Risk Council legislation. Aggregate information from Credit Bureaus (eg Equifax) is all that would be needed to understand the interaction between macro-economic trends and the financial system.
Section 152 of the Senate's financial reform bill establishes an Office of Financial Research within the Treasury Department to collect and analyze some/many/all financial transaction in the country.
"The proposed Office of Financial Research would include a newly-created Data Center tasked with collecting, validating, and maintaining data from member agencies, commercial data providers, publicly available data sources, and financial entities in order to assess the extent to which a financial activity, financial market, or the financial company poses a threat to the financial stability of the United States."
The legislation was lobbied for and mostly written by the Committee to Establish a National Institute for Finance (http://www.ce-nif.org/).
The OFR is the research and analysis arm of the Systemic Risk Oversight Council. OFR's mandate is to collect data from top banking and non-banking financial entities, as directed by the Systemic Risk Oversight Committee, and provide analysis of risk in the financial system.
Receiving this data is very high volume that is why the OFR will need to build data infrastructure and analytical capabilities that are able to process daily downloads from hundreds of institutions.
There is no mention of consumer information in the OFR proposal or Systemic Risk Council legislation. Aggregate information from Credit Bureaus (eg Equifax) is all that would be needed to understand the interaction between macro-economic trends and the financial system.