The Treasury’s Office of Financial Research, or OFR, released its Strategic Framework for FY 2012 to FY 2014. The strategic framework explains the goals and principles that will guide the OFR’s work, spells out the architecture for the OFR, and sets out a framework for accountability.
The Dodd-Frank Act established the OFR within the Treasury Department as part of a broader financial reform effort to address weaknesses exposed by the financial crisis. The OFR’s mission is to serve the Financial Stability Oversight Council, or FSOC, its member agencies, and the public by improving the quality, transparency, and accessibility of financial data and information, by conducting and sponsoring research related to financial stability, and by promoting best practices in risk management.
The framework takes as its foundation the statutory mandates from the Dodd-Frank Act and reflects broad based consultations—with FSOC members, their agencies and staff, members of Congress, and industry representatives, as well as academics, financial authorities, and other researchers. It describes the mission, goals, objectives, and implementation priorities that will help ensure that the OFR’s efforts and investments are well targeted.
The framework outlines five strategic goals:
- Support FSOC through the secure provision of high-quality financial data and analysis needed to monitor threats to financial stability.
- Develop and promote data-related standards and best practices.
- Establish a center of excellence for research on financial stability and promote best practices for financial risk management.
- Provide the public with key data and analysis, while protecting sensitive information.
- Establish the OFR as an efficient organization and world-class workplace.
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