Insight: U.S. early warning system for financial crises gets low marks

In June 2009, a small group of academics sent an envoy to a Washington, D.C., think tank to pitch their vision for a research office to help the nation avoid the next financial crisis. The idea was to create a premier U.S. data powerhouse that would be a National Weather Service for financial storms, with up-to-the-minute information on transactions and the analytical juice to anticipate where systemic risks were quietly growing. The Office of Financial Research was created within the Treasury Department, part of sweeping reforms in response to the worst financial crisis in decades. The office must compete for top minds on a lower pay scale than some other agencies.


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