Haas Professor Nancy Wallace has been selected to serve on a new advisory committee charged with advising the U.S. Department of Treasury on improving the quality of financial data and improving analysis of risks to the financial system.
Wallace is among 30 professionals in economics, finance, financial services, data management, risk management, and information technology who were chosen to serve on the Financial Research Advisory Committee of the Office of Financial Research. The committee, which also includes two Nobel laureates, will hold its inaugural meeting on Dec. 5 in Washington, D.C.
Wallace, a professor at Haas since 1986 and chair of the faculty's Real Estate Group, warned of the real estate bubble long before it popped. She has spent more than 20 years studying real estate price dynamics, a topic that expanded to include options markets, particularly mortgage- and asset-backed securities, more than 15 years ago.
The members of the Financial Research Advisory Committee were selected from more than 150 applicants. Members also include faculty from such schools as New York University, Columbia, and London School of Economics as well as executives from such firms as J.P. Morgan, Wells Fargo, and Morgan Stanley.
The Office of Financial Research was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in the aftermath of the financial crisis. The role of the office is to improve the quality, transparency, and accessibility of financial data and information; conduct and sponsor research related to financial stability; and promote best practices in risk management.
The committee that includes Wallace will work with the Office of Financial Research to develop and employ best practices for data management, data standards, and research methodologies.