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Scholar Named to Treasury Department
updated: Dec 03, 2012, 2:00 PM
The Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law by
President Obama in 2010 brought the most significant changes to financial
regulation in the United States since the reforms that followed the Great
Depression of the 1930's.
Among other provisions, Dodd-Frank established the Office of Financial Research
(OFR) within the U.S. Department of the Treasury. Serving the treasury
department's Financial Stability Oversight Council, its member agencies, and the
public, the OFR and its committees are charged with improving the quality,
transparency, and accessibility of financial data and information; conducting
and sponsoring research related to financial stability; and promoting best
practices in risk management.
Jean-Pierre Fouque, professor of statistics and applied probability at UC Santa
Barbara and director of the campus's Center for Research in Financial
Mathematics and Statistics, has been named to the OFR's Financial Research
Advisory Committee. The 30-member committee includes two Nobel laureates in
economics; leaders in the business and non-profit sectors; and prominent
researchers from major universities and think tanks, including UC Berkeley,
Massachusetts Institute of Technology, London School of Economics, Columbia
University, and the Brookings Institution.
The committee, which will hold its inaugural meeting on Wednesday, December 5,
in Washington, D.C., will work with the OFR to develop and employ best practices
for data management, data standards, and research methodologies.
"We are pleased that such a distinguished group will serve on the advisory
committee of the OFR," said Deputy Secretary of the Treasury Neal Wolin. "We
look forward to their valuable contributions to the OFR's mission of improving
the quality of financial data and facilitating more robust and sophisticated
analysis of risks to the financial system."
Said Fouque: "I am hoping to suggest to the OFR that we start funding
multidisciplinary research with a direct link to the OFR. I'd like to identify
key institutions where multidisciplinary groups could be formed with experts in
math, economics, statistics, finance, and engineering. They could submit
proposals to the OFR and get funding for research."
Fouque, who joined the faculty at UCSB in 2006, is an expert in financial
mathematics; stochastic processes; stochastic partial differential equations;
and waves in random media. He is co-editor of the forthcoming "Handbook on
Systemic Risk" (Cambridge University Press), which provides researchers with an
introduction to the multifaceted aspects of systemic risks faced by global
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