irs program accomplishments · form 990 part iii · fy2024
What they reported doing
- #1 primary $250KTO PROMOTE GLOBAL MACRO AND FINANCIAL POLICY RESEARCH AND EVENTS SUCH AS CONFERENCES.
- #2 $51KSOCIETY OF ECONOMIC MEASUREMENT (SEM) COMMITTEE EXISTS TO PROMOTE RESEARCH ON ECOMONIC MEASUREMENT, USING THE MOST ADVANCED TOOLS FROM ECONOMIC THEARY, ECONOMETRICS, AGGREGATION THEORY, EXPERIMENTAL ECONOMICS, MATHEMATICS, AND STATISTICS AND TO FACILITATE COMMUNICATION AMOUNG RESEARCHERS IN FIELDS AND METHODS THAT WILL ENHANCE THE DEVELOPMENT OF ECONOMIC MEASUREMENT. TO PURSUE THESE OBJECTIVES, THE SEM SPONSORS SCIENTIFIC CONFERENCES AND WORKSHOPS. SEM HAS OVER 2,000 MEMBERS AND AFFILIATED RELATIONSHIPS WITH 11 ACADEMIC JOURNALS AND 3 MONOGRAPH SERIES.
named programs · 2 · from sources
What they call their work
Shadow Open Market Committee (SOMC)
Convenes semi-annual meetings of economists and former central bankers to discuss monetary policy, publish position papers, and promote systematic policy frameworks; active since 1973 with ongoing publications through 2025.
Society of Economic Measurement (SEM)
Promotes research in economic measurement using advanced tools from economics, econometrics, and statistics; sponsors scientific conferences, workshops, and maintains affiliations with 11 academic journals and 3 monograph series.
activities · 4 groups
What they do
-
Economic and Financial Research 3 activities
- Advocates for financial regulatory and institutional reformsPublishes op-eds and policy proposals advocating structural improvements in financial institutions, including reforms to the Office of Financial Research to enhance crisis detection and data governance, and debt-for-vaccine swaps to support pandemic response in Latin America.
- Conducts multidisciplinary research on financial markets and monetary policyProduces policy-oriented research in finance, law, and economics, with a focus on financial market mechanics, inter-market linkages, and the role of monetary aggregates in macroeconomic stability. Research is disseminated through publications, working papers, and presentations to academic and policy audiences.
- Disseminates research outputs and educational resourcesMakes research papers, conference presentations, videos, and interactive tools—such as a financial timeline visualizing linkages between markets and policy—publicly available online to promote understanding of central banking and financial systems.
-
-
Professional Field Knowledge Development 1 activity
- Maintains a network of experts and scholarly partnershipsManages a roster of senior fellows and affiliated experts specializing in areas such as financial regulation, monetary policy, and sovereign risk. Also sustains over 2,000 member relationships and affiliations with 11 academic journals and 3 monograph series to support knowledge dissemination.
-
-
Leadership & Policy Dialogue Forums 1 activity
- Organizes expert forums and conferences on global financial policyHosts semi-annual Shadow Open Market Committee meetings and co-organized roundtable conferences with groups like the Euro 50 Group to evaluate global financial architecture. Also organized the Bretton Woods 2014 conference, convening leaders from government, business, and academia to discuss systemic reform.
-
-
Uncategorized 2 activities
- Develops and publishes alternative monetary measuresCreates and maintains publicly available Divisia monetary aggregate data, including the CFS Divisia M4 series, which showed 6.9% year-over-year growth in May 2026. These alternative metrics aim to improve the accuracy of financial data used by policymakers and researchers.
- Publishes historical financial documents and media from the Bretton Woods conferenceDigitized and published original materials from the 1944 Bretton Woods conference, including meeting transcripts, daily bulletins, photographs, attendee lists, and logistical records. These were compiled into an accessible format with editorial commentary and released as The Bretton Woods Transcripts.
-
financials · form 990 · fy2024
revenue
Total revenue$672K
Contributions & grants$00%
Program service revenue$55K8%
Investment income$86K13%
Other revenue$530K
expenses
Total expenses$552K
Program expenses100%
Admin / overhead0%
Fundraising0%
Salaries & benefits$319K
Grants paid out$0
Largest expense lineCompensation
balance sheet
Total assets$3.07M
Cash$2.19M
Investments$0
Liabilities$0
Net assets$3.07M
Liquid reserves47.5 mo
7 years on record · 2018–2024 · YoY revenue -72.1%
leadership · form 990 part vii · fy2024
Who runs it
paid leadership · 1
| Name | Title | Hours/wk | Compensation |
|---|---|---|---|
| LAWRENCE GOODMAN | PRESIDENT/TREASURER/TRUSTEE | 15 | $198K |
board members · 2
- PETER N FLOCOS — SECRETARY/TRUSTEE
- RANDAL K QUARLES — CHAIR ADVISORY BOARD/TRUSTEE
relationships · 37
Who they work with
- American Economic Association Partner — Presents research on monetarism and monetary policy at association events.
- Andrew Rosenberg Partner — Research Associate at the Center for Financial Stability and coeditor of The Bretton Woods Transcripts.
- BNY Mellon Funder — Provided financial support for the Bretton Woods 2014 conference.
- Bank of England Partner — Engaged through Charles Goodhart, former special advisor, who delivered remarks on the influence of the SOMC in the UK.
- Bank of England Partner — Engages in discussions on monetary measures and policy with senior officials.
- Bank of Greece Partner — Participates in SOMC events with George Tavlas representing the Bank of Greece in discussions on monetary policy evolution.
- Carnegie-Mellon University Partner — Co-founded by Professor Allan Meltzer of Carnegie-Mellon University
- Citrone Foundation Funder — Provided financial support for the Bretton Woods 2014 conference.
- Deutsche Bundesbank Partner — Engages with SOMC through former president Axel Weber and former chief economist Otmar Issing, who presented on monetarist strategies.
- Euro 50 Group Partner — Co-organized a roundtable conference on the future of the global monetary and financial system.
- European Central Bank Partner — Represented through Otmar Issing, former chief economist, in SOMC discussions on monetary policy frameworks.
- European Systemic Risk Board Partner — Collaborates through advisory scientific committee to publish research on systemic risk and artificial intelligence.
- Federal Reserve Archival System for Economic Research Partner — Source of external archival materials related to Bretton Woods; the Center provides links to FRASER's collections.
- Federal Reserve Bank of St. Louis Partner — Engages in discussion of SOMC research through participation by David Wheelock, Federal Reserve Bank of St. Louis.
- Financial Times Partner — Regularly cites CFS research, data, and experts in articles on monetary policy, inflation, and financial stability.
- Harvard Law School Forum on Corporate Governance Partner — Published CFS analysis on financial market events, including the Robinhood and GameStop episode.
- Hoover Institution Partner — Co-hosted the 50-year history event of the Shadow Open Market Committee and collaborates with SOMC members on research presentations.
- Institute of International Monetary Research Partner — Hosted a presentation by CFS President Lawrence Goodman on money metrics and Fed policy.
- International Monetary Fund Government — Hosts archival materials from the Bretton Woods conference; the Center references the IMF's Bretton Woods Conference Collection.
- Kurt Schuler Partner — Collaborator on research projects related to the Bretton Woods conference, including compiling attendee lists and digitizing transcripts.
- Kurt Schuler Partner — Senior Fellow at the Center for Financial Stability and coeditor of The Bretton Woods Transcripts.
- Lawrence Goodman Partner — President and Founder providing leadership and strategic direction for the organization.
- Lawrence Goodman Partner — President of CFS who authors research on monetary policy and financial stability using CFS Divisia money supply data
- Mark Bernkopf Partner — Co-compiled a nearly complete list of attendees at the 1944 Bretton Woods conference.
- Marriner S. Eccles Foundation Funder — Provided financial support for the Bretton Woods 2014 conference.
- Shadow Open Market Committee Network — Hosts and organizes the Shadow Open Market Committee, a forum for discussion on monetary policy and central bank effectiveness.
- Sheila Bair Partner — Advisory Board Member and Senior Fellow contributing expertise in financial regulation and consumer protection.
- Society of Economic Measurement Partner — Hosts the Society of Economic Measurement committee to promote research and communication in economic measurement.
- Steve Hanke Partner — Special counsellor at CFS and professor at Johns Hopkins University who is referenced in media coverage related to CFS work
- Swiss National Bank Partner — Represented by Georg Rich, former director, who presented on Swiss monetary targeting at a SOMC event.
+ 7 more
strategies · 4
How they approach the work
Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.
- Advanced Monetary Measurement for Early Instability Detectionmethodology: divisia_monetary_aggregatesBy developing and using improved monetary aggregates like Divisia M4, we produce more accurate assessments of money supply and financial conditions, because traditional simple-sum measures distort the true monetary signal and obscure early signs of inflation or instability.
- Historical Analysis as Policy Guidancemethodology: historical-policy-analysisBy analyzing primary historical documents and past policy responses, we improve current financial stability policy, because understanding the full context and consequences of historical decisions reveals patterns and errors that inform better contemporary institutional design and crisis response.
- Independent Oversight to Strengthen Policy Discoursemethodology: independent economic oversightBy providing nonpartisan, private-sector analysis of central bank and government financial policies, we improve policy outcomes, because external, independent scrutiny introduces accountability and challenges groupthink in official institutions.
- Independent, Practitioner-Led Research and Conveningmethodology: practitioner-led_communityBy convening financial practitioners, public officials, and academics in cross-sector working groups and expert forums, we produce more credible and actionable policy analysis, because diverse, experienced perspectives improve the quality and legitimacy of financial stability discourse.