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Board of Governors of the Federal Reserve System
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Federal Reserve Board of Governors

Model Validation Council


The Model Validation Council was established in 2012 by the Board of Governors to provide expert and independent advice on its process to rigorously assess the models used in stress tests of banking institutions. The Dodd-Frank Wall Street Reform and Consumer Protection Act required the Federal Reserve to conduct annual stress tests of large bank holding companies and systemically important, nonbank financial institutions supervised by the Board. The Model Validation Council will provide input on the Board's efforts to assess the effectiveness of the models used in the stress tests. The council is intended to improve the quality of the Federal Reserve's model assessment program and to strengthen the confidence in the integrity and independence of the program.

Members

  • Mark Flannery, professor, University of Florida (chair)
  • Peter Christoffersen, professor, University of Toronto
  • Philippe Jorion, professor, University of California at Irvine
  • Chester Spatt, professor, Carnegie Mellon University
  • Allan Timmermann, professor, University of California at San Diego
  • Nancy Wallace, professor, University of California, Berkeley
Last update: December 2, 2013