ASA Endorses Call for National
Institute of Finance
T
he ASA Board of Directors voted to endorse effectiveness of any financial regulatory
a proposal to create a National Institute of system. In view of this reality and
Finance (NIF). The proposal calls for the recognizing the current effort to reform
establishment of the NIF as an independent federal the financial regulatory system, we add
agency with the responsibility and authority to pro- our voice to the call for the creation of a
vide the data and analytic tools needed to safeguard National Institute of Finance containing
the U.S. financial system. The board adopted the a Financial Data Center and an Analytic
following statement in support of the NIF: Research Center.”
We believe a new data and analytic The NIF would have the authority to gather
infrastructure is required to maximize the appropriate data and provide the analytical capabilities
necessary to monitor systemic risk, perform indepen-
dent risk assessments of individual financial entities,
and provide advice on the financial system to the fed-
eral regulatory agencies and Congress. The institute
would be organized under the proposed systemic risk
regulator and provide data management and statisti-
cal services to the financial and regulatory communi-
ties. As conceived, the NIF’s duties would not overlap
those of any existing financial regulatory agency.
The NIF would have two principal organization-
al components: the Federal Financial Data Center
(FFDC) and the Federal Financial Research and
Member Spotlights
Analysis Center (FFRAC). The FFDC would col-
lect, clean, maintain, and secure all data necessary to
carry out its purpose. As data alone do not consti-
WANTED
tute useful information, the FFRAC would provide
independent statistical capabilities and computing
resources to regulatory agencies and policymakers to
carry out their purpose.
The NIF was conceived by a group of private
citizens who formed the Committee to Establish
The managing editor of Amstat News is searching
the National Institute of Finance. Committee
for ASA members who are willing to put themselves
members are working to have the NIF included as
in the spotlight and write a brief article about their
a critical component of the upcoming restructuring
life, to be published in an upcoming issue.
of financial regulation legislation in the House and/
or Senate. Individuals can sign the petition to cre-
The article should be 1,000 or fewer words and
ate the NIF and find more information by visiting
contain professional and personal information.
www.ce-nif.org. n
Please include a photo or two of yourself and
email it to Amstat News Managing Editor Megan
Murphy at
megan@amstat.org.
14 AMsTAT NEWs OCTObER 2009
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