OREANDA-NEWS. May 12, 2016. The Federal Reserve Board on Wednesday announced the Office of Financial Policy and Research (OFS) has been designated a division of the Board and renamed as the Division of Financial Stability (FS).

The change reflects the growth in responsibilities and staffing associated with the Board's commitment to identifying and analyzing risks to financial stability and to developing and evaluating macroprudential policy responses to those risks.

Board economist Nellie Liang, appointed to establish the Office of Financial Stability Policy and Research in November 2010, will continue to serve as director. FS will remain responsible for developing and coordinating the Board's work on financial stability, and will continue to bring together a cross-disciplinary staff of economists, banking supervisors, markets experts and others in the Federal Reserve to execute its mandate.  FS also coordinates the Board's interagency and international work on financial stability, including the Board's responsibilities as a member of the Financial Stability Oversight Council (FSOC) and the Financial Stability Board (FSB). To fulfill these responsibilities, FS conducts an active research and analysis program, and it monitors financial institutions, markets and infrastructure to assess the resilience of the financial system and identify potential risks vulnerabilities.