— Rainer Maria Rilke, born in 1875
Amidst extreme uncertainty in times like this, market participants need better data to manage their risks, just as policymakers need better data to calibrate their crisis interventions. This paper argues that the new administration should make it a priority to fix financial regulatory data, starting during the transition. The incoming administration should, first, emphasize data when vetting candidates for top financial regulatory positions.
Every agency head should recognize the problem and the roles they must play in the solution. They should recognize how the Evidence Act of 2018 and other recent legislation help define those roles. And every agency head should recognize the role of the Office of Financial Research (OFR) within the regulatory community. Only the OFR has the mandate and experience to provide the necessary leadership to address these problems. The incoming administration should empower the OFR to do its job and coordinate a systemwide financial data strategy, working with the regulators.
That strategy should set a path for identifying key data gaps that impede risk analysis; setting data standards; sharing data securely, among authorities and with the public; and embracing new technologies that make it possible to manage data far more efficiently and securely than ever before. These are ambitious goals, but the administration may be able to accomplish them with vision and leadership.”
Public Provider vs. Big Brother explores the powerful potential of new technologies to better help governments understand the needs of citizens, but also the tensions between using data harvesting and monitoring, and technologies that can identify individuals, to serve the public interest, with the inevitable concerns and legitimate fears about “big brother” and risks of infringing on freedoms and rights. Innovation efforts in this area fall under two key themes: data harvesting and monitoring and biometric technologies and facial recognition. Both of these areas of innovation come with their benefits, but also risks.
Joe Biden Has Problems. The World Has Solutions.
From the founding fathers to Silicon Valley, the U.S. has a long tradition of borrowing the best ideas from around the globe.Continue reading
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If you’ve ever wondered where your stolen credit card turns up, a cybersecurity firm is offering hard proof.
Your credit card data is typically stolen in two ways. One is after a data breach like the Capital One incident that affected 106 million customers. The other is e-skimming, where hackers inject JavaScript code into website payment processing pages in order to pilfer credit cards and account data from customers.
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The Australian
