ENDORSEMENT: Society for Industrial and Applied Mathematics (SIAM) Calls on Congress to Create the NIF
The Society for Industrial and Applied Mathematics (SIAM) has appealed to the leadership of both the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services to vote to create a National Institute of Finance (NIF).
In letters to the Committees' leadership, the President of SIAM, Douglas N. Arnold, states: “The experts within the SIAM Activity Group on Financial Mathematics and Engineering strongly support the proposal to create the National Institute of Finance. In particular, SIAM members are supportive of the recommendation that the institute should conduct, coordinate, and sponsor scientific research into financial markets to support regulatory policy and continuously improve systemic risk regulation. The financial markets are at least as complicated and important as the weather, yet we do not have the equivalent of the National Weather Service and its National Hurricane Center for these crucial elements of our economy. Better data is necessary to allow regulators to safeguard our financial system, and better analytic tools are needed to turn that data into useful information that can be used effectively by decision-makers.”
Download SIAM's letter to the Senate Banking Committee
Download SIAM's letter to the House Financial Services Committee