July 25, 2012
First annual report of the Office of Financial Research
"This inaugural OFR Annual Report details the Office’s progress in meeting its mission and statutory requirements. The report must assess the state of the U.S. financial system, including: (1) An analysis of any threats to the financial stability of the United States; (2) The status of the efforts of the Office in meeting its mission; and (3) Key findings from the research and analysis of the financial system by the Office...The crisis revealed significant deficiencies in the data available to monitor the financial system. Financial data collected were too aggregated, too limited in scope, too out of date, or otherwise incomplete. The crisis demonstrated the need to reform the data collection and validation process and to strengthen data standards, to improve the utility of data both for regulators and for market participants."
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