In March 2012, the Obama Administration announced its Big Data Research and Development Initiative. The program involves a total of over $200 million in new commitments from several departments and agencies to improve the federal government’s ability to make meaning out of the astoundingly large amount of data available to it. Notably absent from the list of participants was any department or agency responsible for regulating the financial services industry. It would be a mistake, however, to conclude that these regulators are not serious about big data.
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