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The six person council will provide expert and independent advice on the Federal Reserve’s process to rigorously assess the models used in the stress test for banking institutions, a requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 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.

Joining professor Spatt as members of the council are Francis X. Diebold, economics professor in the Department of Economics at the University of Pennsylvania, who will also serve as council chairman, Peter Christoffersen, professor at the Rotman School of Management at the University of Toronto, Mark Flannery, professor at the Warrington College of Business Administration at the University of Florida Philippe Jorion, professor at the Paul Merage School of Business at the University of California at Irvine, and Allan Timmermann, professor at the Rady School of Management at the University of California at San Diego.

About the Tepper School of Business - Founded in 1949, the Tepper School of Business at Carnegie Mellon University (www.tepper.cmu.edu) is a pioneer in the field of management science and analytical-decision making. The school’s notable contributions to the intellectual community include eight Nobel laureates. The school is among those institutions with the highest rate of academic citations in the fields of finance, operations research, organizational behavior and production/operations. The academic offerings of the Tepper School include undergraduate studies in business and economics, graduate studies in business administration and financial engineering, and doctoral studies.