[Federal Register Volume 77, Number 56 (Thursday, March 22, 2012)]
[Notices]
[Pages 16894-16895]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-6941]


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DEPARTMENT OF THE TREASURY


Financial Research Advisory Committee

AGENCY: Office of Financial Research, Treasury.

ACTION: Notice of establishment of the Financial Research Advisory 
Committee and solicitation of applications for Committee membership.

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SUMMARY: The Treasury Department has determined that it is in the 
public interest to establish the Financial Research Advisory Committee. 
A Charter for the Committee has been prepared and will be filed no 
earlier than 15 days following the date of publication of this notice. 
This notice establishes criteria and procedures for the selection of 
members.

FOR FURTHER INFORMATION CONTACT: Andrea Ianniello, Office of Financial 
Research, Department of Treasury, (202) 622-3002.

SUPPLEMENTARY INFORMATION: Pursuant to the Federal Advisory Committee 
Act, (Pub. L. 92-463, 5 U.S.C. App. 2 Sec.  1-16, as amended), the 
Treasury Department intends to establish the following advisory 
committee, pursuant to its Charter:
    Title: Financial Research Advisory Committee.
    Purpose: The purpose of the Committee is to provide advice and 
recommendations to the Office of Financial Research (OFR) and to assist 
the OFR in carrying out its duties and authorities. The OFR will 
benefit from the knowledge, experience, and perspective of academics, 
researchers, industry leaders, government officials, and others.
    Statement of Public Interest: It is in the public interest to 
establish, under the provisions of the Federal Advisory Committee Act, 
the Financial Research Advisory Committee (``Committee''). The 
Committee shall be a continuing advisory committee with an initial two-
year term, subject to two-year re-authorizations. The Committee 
provides an opportunity for academics, researchers, industry leaders, 
and other qualified individuals to offer their expert advice and 
recommendations to the OFR, which among other things, is responsible 
for collecting and standardizing data on financial institutions and 
their activities and for supporting the work of federal financial 
regulators and researchers. These views will be offered to the Director 
of the OFR on a regular basis. There exists no other source within the 
Federal government that could serve this function.

Background

    The OFR was established under Title I of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (Pub.L. 111-203, July 21, 2010). The 
purpose of the OFR is to support the Financial Stability Oversight 
Council (Council) in fulfilling the purposes and duties of the Council 
and to support the Council's member agencies by:

--Collecting data on behalf of the Council, and providing such data to 
the Council and member agencies;
--Standardizing the types and formats of data reported and collected;
--Performing applied research and essential long-term research;
--Developing tools for risk measurement and monitoring;
--Performing other related services;
--Making the results of the activities of the OFR available to 
financial regulatory agencies; and
--Assisting such member agencies in determining the types and formats 
of data authorized by the Dodd-Frank Act to be collected by such member 
agencies.

Objective, Scope, and Description of the Committee

    The Committee will advise the OFR on issues related to the 
responsibilities of the office.
    The Committee shall provide its advice, recommendations, analysis, 
and information directly to the OFR. The OFR may share the Committee's 
advice and recommendations with the Secretary of the Treasury or other 
Treasury officials. The OFR will share information with the Committee 
as the Director determines will be helpful in allowing the Committee to 
carry out its role.
    Members will be selected by the Department from persons that are 
recognized experts in the fields of economics, financial institutions 
and markets, statistical analysis, financial markets analysis, 
econometrics, applied sciences, risk management, data, information 
standards, technology, or other areas related to OFR's duties and 
authorities, or may be representatives of sectors related to OFR's 
duties and authorities. Members should also have experience as a 
widely-recognized academic or research expert in a field related to 
OFR's duties and authorities, as a senior leader or respected 
professional within an industry sector related to OFR's duties and 
authorities, or as a financial regulator or official in an area related 
to OFR's duties and authorities.
    Appointments will be made with the objective of creating a diverse 
and balanced body with a variety of interests, backgrounds, and 
viewpoints represented. The Committee shall consist of not more than 30 
members.
    The Committee will be chaired by a member selected by OFR.
    The Committee will function for a two-year period before renewal or 
termination. It will meet at such intervals as are necessary to carry 
out its duties. Each year, the Committee intends to conduct one 
orientation session, as needed, approximately two public meetings, and 
several work sessions.
    The meetings are open to public observers, including the press, 
unless prior notice has been provided for a closed meeting.
    No person who is a Federally-registered lobbyist may serve on the 
Committee. Membership on the Committee is limited to the individuals 
appointed and is non-transferrable. Regular attendance is essential to 
the effective operation of the Committee.

Application for Advisory Committee Appointment

    There is no prescribed format for the application. Applicants may 
send a cover letter describing their interest, reasons for application, 
and qualifications, and should enclose a complete professional 
biography or resume.

[[Page 16895]]

    Some members of the Committee may be required to adhere to the 
conflict of interest rules applicable to Special Government Employees, 
as such employees are defined in 18 U.S.C. 202(a). These rules include 
relevant provisions in 18 U.S.C. related to criminal activity, 
Standards of Ethical Conduct for Employees of the Executive Branch (5 
CFR part 2635), and Executive Order 12674 (as modified by Executive 
Order 12731).
    In accordance with Department of Treasury Directive 21-03, a 
clearance process includes fingerprints, tax checks, and a Federal 
Bureau of Investigation criminal check. Applications must state in 
their application that they agree to submit to these pre-appointment 
checks.
    The application period for interested candidates will extend to 
April 16, 2012. Applications should be submitted in sufficient time to 
be received by the close of business on the closing date and should be 
sent to [email protected] or by mail to: Office of 
Financial Research, Department of the Treasury, Attention: Andrea 
Ianniello, 1500 Pennsylvania Avenue NW., MT-1330, Washington, DC 20220.

Cyrus Amir-Mokri,
Assistant Secretary for Financial Institutions.
[FR Doc. 2012-6941 Filed 3-21-12; 8:45 am]
BILLING CODE 4810-25-P