WASHINGTON, April 27 Morgan Stanley's (MS.N)
former chief U.S. economist is now serving as a counselor to
Treasury Secretary Timothy Geithner and will advise him on a
range of domestic finance issues, a Treasury official said on
Richard Berner spent three years as co-head of Morgan
Stanley's global economics team and 11 years as the bank's
chief U.S. economist before retiring earlier this year.
Now Berner will help the Treasury Department on banking,
housing policy, financial institutions, capital markets and
Berner will also play a role in implementing various
aspects of the Dodd-Frank Wall Street reform law. Under that
legislation, Treasury is in charge of establishing the consumer
financial protection bureau and a Treasury-based research
powerhouse known as the Office of Financial Research.
Geithner is also the chairman of the U.S. risk council, a
group of financial regulators that has been tasked with
preventing threats to the financial system.
Prior to working at Morgan Stanley, Berner was chief
economist at Mellon Bank and also worked for 7 years on the
research staff at the Federal Reserve.
(Reporting by Rachelle Younglai; Editing by Andrew Hay)