Pretty soon the U.S government will have the equivalent of a chief data officer. This will be the person who occupies the post of director of the Office of Financial Research.

The OFR is new agency that will be for the collecting of data from financial corporations what the Internal Revenue Service is for taxes. This newly created department will be responsible for collecting whatever data is needed from financial institutions so that the industry as a whole can be analyzed and evaluated for the spectre of systemic risk. In effect, illness in one firm or group of firms will be spotted before it spreads to the market as a whole.

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