Nobel Laureates Come Together to Endorse the National Institute of Finance
In letters delivered to Sen. Dodd and Sen. Shelby, respectively the Chairman and Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, six recipients of the Nobel Memorial Prize in Economic Sciences have come together to endorse the proposal to establish the National Institute of Finance. Among them, Profs. H. Markowitz, R. Engle, R. Merton, M. Scholes, W. Sharpe, and V. Smith represent all four of the Nobel Memorial Prizes in Economic Sciences that have been awarded for work focused on financial markets or financial economics. Here is an excerpt from their endorsement:
... We strongly urge you to include in the U.S. Senate’s financial regulatory reform legislation the authorities and resources needed to assure that the U.S. government will have the understanding, data and analytical capabilities proposed by the CE-NIF that are necessary if government regulators are to have the tools needed to safeguard the U.S. financial system. Enclosed is a summary of Key Legislative Objectives we consider essential for an independent, effective and self-financing National Institute of Finance. ...
The full letter to Sen. Dodd is available here.
The full letter to Sen. Shelby is available here.