WASHINGTON Jan 2 Richard Berner, a counselor to
the Treasury secretary and former chief economist for Morgan
Stanley, was confirmed by a U.S. Senate majority to serve
as the first Director of the Office of Financial Research, the
Treasury Department said on Wednesday.
"Dick has been instrumental in Treasury's efforts to stand
up the OFR and enhance our understanding of risk across the
financial system," Treasury Secretary Timothy Geithner said in a
The Office of Financial Research was created by the
Dodd-Frank regulatory overhaul to help regulators prevent a
repeat of the financial crisis.
The agency, tasked with collecting and analyzing data to
support the Financial Stability Oversight Council, has been
under scrutiny for its slow progress, and many Republicans in
the Senate want to see it scrapped.
Berner's nomination was confirmed in the Senate by voice
vote on Jan. 1, and his term as head of the OFR will run for six