On November 4th, the Federal Reserve Board established the Office of Financial Stability Policy and Research and appointed Board economist J. Nellie Liang as its director. The office will develop and coordinate staff efforts to identify and analyze potential risks to the financial system and the broader economy, including through the monitoring of asset prices, leverage, financial flows, and other market risk indicators; follow developments at key institutions; and analyze policies to promote financial stability. It will also support the supervision of large financial institutions and the Board's participation on the Financial Stability Oversight Council. Federal Reserve Board Press Release.