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National Institute of Finance

Recent catastrophic events in financial markets revealed significant gaps in the information and analytic tools available to regulators and policymakers charged with ensuring the health of the financial system. The National Institute of Finance (NIF) will have the mandate, resources, and capability to address these failings.

What is the NIF? The National Institute of Finance will be an independent federal agency authorized to maintain a national repository of transaction and position data, along with the analytical capacity to take full advantage of that information. The NIF will be administered by five commissioners appointed by the President and confirmed by the Senate. Its budget will be from non-appropriated funds.

A Vital Resource: The NIF will strengthen the governments ability to oversee the economy and help increase the publics confidence and trust in our financial markets. It will serve as a vital resource to government and the regulatory community by enabling them to monitor systemic risk and independently assess the health of individual financial entities. The NIF will also enhance regulators ability to prevent financial crises, and react to them should they occur.

How will the NIF work? The NIF will collect and analyze comprehensive financial market data.

Financial Data Center: The NIF will operate a Federal Financial Data Center (FFDC) to collect and manage transaction and position data for U.S. based financial entities (including, by way of example: banks, broker-dealers, hedge funds, insurance companies, investment advisors, private equity funds, and other highly-leveraged financial entities) and their affiliates, and for U.S. based financial transactions. The FFDC will:
Develop and maintain standards for reporting transaction and position data. As part of this responsibility, the FFDC will maintain a database of legal entity identifiers, a database of financial products, and the format and structure for reporting individual transactions and positions;
Collect, clean, and maintain transaction and position data in a secure database;
Provide regulators access to the databases;
Provide access to aggregated and/or delayed data to improve market transparency;

Analytics: Data does not by itself constitute useful information. In view of this, the NIF will:
Have the analytical capability to support the systemic risk regulators by developing and maintaining risk metrics.
Monitor and report changes in system-wide risk levels and patterns;
Support financial regulators by benchmarking industry risk measures and facilitating independent regulatory risk assessments of individual financial entities;
Provide analytical support for policy makers to assist them in their response to financial emergencies, including after-action analyses of market disruptions and failures (in a role analogous to that of the National Transportation Safety Board);
Provide advice to the Executive Branch and Congress as requested;
Conduct, coordinate and sponsor scientific research into financial markets to support regulatory policy and continuously improve systemic risk regulation.

We call for the immediate creation of the National Institute of Finance.

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Francis ReynoldsBy:
LGTBIn:
Petition target:
The President, Congress and Senate

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