- Assistant Director
- Deborah Lucas
- Deputy Assistant Director
- Damien Moore
- Analysts
- Francesca Castelli (Financial analysis)
- Wendy Kiska (Financial analysis, accounting, PBGC)
- Lan Pham (Housing, consumer credit, and financial institutions)
- Mitchell A. Remy (Housing, banking, federal credit subsidies)
- Rebecca Rockey (Research support)
- David Torregrosa (Financial accounting, insurance)
Financial Analysis Division
Telephone: (202) 226-2258
The Financial Analysis Division is responsible for policy analyses related to federal credit and insurance programs, banking and capital markets, government-sponsored enterprises, and other federal financial obligations. In carrying out those analyses, the division develops models to quantify the costs and risks of policy alternatives, using the tools of modern finance and economics. The division also is responsible for providing support throughout CBO for financial modeling, risk-assessment, valuation, financial accounting, financial budgetary analyses, and forecasts of financial variables.
Assistant Director for Financial Analysis
Deborah Lucas has been with CBO in various capacities since 2000, when she took leave from her post as a professor of finance at the Kellogg School of Management at Northwestern University to become CBO's Chief Economist. In that role, she helped direct the agency's research agenda; reviewed many of its projects and reports; and coauthored reports on the federal subsidy implicit in the government's support of Fannie Mae and Freddie Mac and several other federal credit and insurance programs, and on the implications of federal investments in private securities. She also contributed to the development of the agency's long-term policy simulation model. Dr. Lucas returned to academia but continued to advise the agency over the years as it Senior Economic Consultant. Now, she is back at CBO again before assuming full-time duties as a professor of finance at the Sloan School of Management at the Massachusetts Institute of Technology. Earlier government service included an appointment as a senior staff economist for the Council of Economic Advisers and as a member of the Social Security Technical Advisory Panel.
Her recent research has focused on the problem of measuring and accounting for risk in the evaluation of federal financial obligations and defined-benefit pension liabilities. She has published papers on a wide range of topics, including the effect of idiosyncratic risk on asset prices and choices in a portfolio, dynamic models of corporate finance, monetary economics, and valuing federal financial guarantees. She recently edited Measuring and Managing Federal Financial Risk, published by the National Bureau of Economic Research, where she is a research associate. She is also a member of the National Academy of Social Insurance. She received her M.A. and Ph.D. in economics from the University of Chicago and her B.A. in economics and applied mathematics from the same school.