Open Data Efforts from a
Chief Data Officer’s Perspective
Note: These slides were prepared for presentation at Open Government Forum. These slides
are intended only as a primer on the basic topics covered; they reflect the author’s views and
not necessarily those of the Federal Reserve Board or anyone else associated with the
Federal Reserve System.
“We have better and better evidence
that the commercial application of
open data is widespread and comes in
many forms. 2014 feels like the year
open data is coming of an age as a
source for business ideas.” – Joel
Gurin
Open Data 500 Study; Joel Gurin, Sr.
Advisor, Governance Lab,
http://www.opendata500.com/
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Federal Reserve Board
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Introduction
• Federal Reserve Board (FRB, Board)
• Mission – to provide the nation with a safer, more flexible, and
more stable monetary and financial system
• Micheline Casey
• First FRB Chief Data Officer
• Report to FRB Chief Operating Officer
• First U.S. State Government Chief Data Officer (Colorado)
• Office of the Chief Data Officer (OCDO) was created through
the Board’s Strategic Framework, 2012-2015
.
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Federal Reserve Board
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Introduction – Office of the Chief Data Officer
• Started in May 2013
• Mission – OCDO supports the Board’s interdisciplinary approach to monetary
policy, supervision, and financial stability through strategic thought leadership,
policy setting, advisory services and collaborative outreach to optimize enterprise
data and information assets.
• Enterprise data governance and data management services across Board and
Board-delegated functions
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Federal Reserve Board
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United States Open Data Efforts Start at the Top
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Federal Reserve Board
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Maturation of U.S. Federal Government Open Data Efforts
http://www.whitehouse.gov/sites/de
http://www.whitehouse.gov/sites/default/files fault/files/omb/memoranda/2013/m
/omb/assets/memoranda_fy2009/m09-12.pdf
-13-13.pdf
http://www.whitehouse.gov/sites/defau
lt/files/omb/memoranda/2014/m-1406.pdf
Board Efforts in Support of Open Data
Demand
Side
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Federal Reserve Board
Supply Side
Fed Reserve pulls in large
volumes of a variety of open
data sets from other Federal
agencies
Builds on efforts the Fed
Reserve has been doing for
years
Improves opportunities to
discover new trends and
connections
Supports economic, monetary
policy, and financial stability
research globally
Enhances ability of Fed Reserve
to modernize key market
measures and algorithms
Supports consumer
confidence, protection and
trust
Support operational efficiency
and infrastructure
modernization efforts
Transparency is at the core of
trust and stability, we must
continue to pursue
4/23/2014
Data Governance In Support of Open Data
• Data governance is the exercise of authority, control, and shared decision-making
(planning, monitoring, and enforcement) over the management of data assets
over their life cycle.
• Data governance efforts support the quality and integrity of open data efforts,
resulting in enhanced public trust
• Federal Reserve Board data governance efforts include:
• OCDO data governance team
• Board Data Council
• Specific data governance policies, processes, and standards for data
management activities
The Board consumes data from other federal
organizations and other open data sources so quality
and access is important to us too!
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Federal Reserve Board
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Data Governance supports Data Interoperability
Institutional
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• Ability for humans to understand each
other and work together.
Data
• Ability for data to be portable and fluid
across systems, applications, and devices.
Technology
• Systems can connect to one another, often
through an explicit, agreed-upon
interface.
Federal Reserve Board
OCDO
Human
• Systems engage effectively and have
shared rules and signals..
Data
governance
supplies the
discipline to
deal with both
the predictable
and
unpredictable
nature of new
data acquisition
and data
distribution
across the
organization.
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Board Open Data Efforts Today – Data Types
• Macro-economic data
• Micro-economic data
• Statistical information
• Banking and financial data
• International economic
data
• Policy making information
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Board Open Data Efforts Today
http://www.federalreserve.gov/bankinforeg/default.
htm
http://www.federalreserve.gov/econresdata/default.ht
m
Board Open Data Efforts Today
http://www.federalreserve.gov/datadownload/
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Board Open Data Efforts
Today
http://www.federalreserve.gov/econresdata/notes/fedsnotes/2014/a-tool-for-macroeconomic-policy-analysis.html
http://www.federalreserve.gov/
econresdata/workingpapers.htm
Board Open
Data Efforts
Today
http://www.ffiec.gov/nicpubweb
/nicweb/nichome.aspx
Board Open
Data Efforts
Today
http://www.federalreserve.gov/monetarypolicy/
fomc.htm
Users of Board’s
data
Open Data 500 Study; Joel Gurin, Sr.
Advisor, Governance Lab,
http://www.opendata500.com/
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Federal Reserve Board
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The Future of the Board’s Open Data Efforts
• Strategic activities
• Development of open data strategy and plan
• Improvement of user experience and usability
• Operational activities
• Data governance efforts to support data quality and publication efforts
• Standards setting
• Data portal creation and consolidation of existing web sites
• Social media efforts
• Leveraging social media to support communication out and engagement
with the public
• Crowd sourcing priorities for publications and enhancements
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Federal Reserve Board
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Transparency And The Government
"The level of transparency and communication has increased by an order of
magnitude (since the mid-1990s). “
-Janet Yellen, Chair of the Federal Reserve 2014-Present
"The complex challenges we face as a nation are best
addressed in an environment of informed public
discourse, which is only possible when policy decisions
are made in as transparent a way as possible.”
-Ben Bernanke, Former Chair of the Federal Reserve
2006-2014
“Government should be transparent. Transparency promotes accountability and provides
information for citizens about what their Government is doing. Information maintained by
the Federal Government is a national asset. My Administration will take appropriate action,
consistent with law and policy, to disclose information rapidly in forms that the public may
readily find and use. Executive departments and agencies should harness new technologies to
put information about their operations and decisions online and readily available to the public.
Executive departments and agencies should also solicit public feedback to identify information
of greatest use to the public.”
-Barack Obama, President of the United States.
Thank you!
Micheline Casey
Chief Data Officer
Federal Reserve Board
Micheline.Casey@frb.gov
http://www.federalreserve.gov/
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Federal Reserve Board
Follow us: @federalreserve
Follow me: @michelinecasey
4/23/2014