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Cliff Rossi - In Support of the Office of Financial Research |
"Establishment of the OFR may not at first glance captivate mainstream America as readily as executive compensation reform; however, its existence represents one [of] the best hopes for making real and sustainable the positive impact of whatever financial reform legislation Congress approves. Simply stated, without timely and accurate information on bank activities, it will be much harder, perhaps impossible, to avoid the next financial crisis." -- Prof. Cliff Rossi of the Center for Financial Policy at the U. of Maryland, writing in Institutional Risk Analytics |
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Andy Lo - In Support of the Office of Financial Research |
"The idea of creating an Office of Financial Research is terrific. The OFR is mandated to gather all the data to measure systemic risk, and also have subpoena power, which is crucial. And they're also independent, even though they are housed in Treasury. So they are free to criticize the Treasury." -- Prof. Andy Lo of the Massachusetts Institute of Technology, writing in Fortune |
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American Bankers Association endorses the Office of Financial Research |
“... we are pleased to advise you that the ABA supports the creation of the Office of Financial Research, and we hope that the new Office will be included in the final version of the Act or any other broad financial reform legislation that Congress may enact this year.” -- ABA Task Force on Financial Markets Regulatory Reform, in a letter to Congressional and Administration officials . |
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Financial Times: "Better data is needed to regulate markets" |
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Writing in the Financial Times, CE-NIF founding members Allan Mendelowitz and John Liechty argue that the 2008 crisis revealed the inadequacy of current data and analytical tools for understanding threats to financial stability. |
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Nobel Laureates Endorse the National Institute of Finance |
"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." -- Profs. H. Markowitz, R. Engle, R. Merton, M. Scholes, W. Sharpe, and V. Smith, writing to the Senate Banking Committee |
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Sen. Jack Reed Introduces The National Institute of Finance Act of 2010 |
"By establishing this new Institute, my bill offers the foundation for a new approach to financial regulation that would better protect Americans from the financial storm they are currently struggling through." -- Sen. Jack Reed (D-RI), upon introducing the The National Institute of Finance Act of 2010 |
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TESTIMONIAL: Robert E. Litan of the Kauffman Foundation and the Brookings Institution |
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In his recent article, "Whither Financial Reform?" in the October 2009 issue of The Economists' Voice, Bob Litan offers the following supportive words for the NIF proposal: "Finally, a group of academic scholars, financial practitioners and former regulators has suggested the creation of a data gathering and financial analytics entity, tentatively titled the National Institute of Finance, which could help financial regulators across the board keep up with and understand what Wall Street wizards and other private financial sector powerhouses are continuously inventing, marketing and using. The NIF ideally would be an independent body, with a Presidentially-appointed director (confirmed by the Senate), and would report to and work with whatever entity is charged with monitoring systemic risk. It is a good idea that, if all else fails, should be adopted." For the full article, see: Litan, R. E., "Whither Financial Reform?", The Economists' Voice, 2009, 6(11), October. |
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