The U.S. Senate has confirmed Richard Berner on Saturday to serve a six-year term as the first director of the Office of Financial Research established by Dodd-Frank.
As head of the OFR, Berner will support the Financial Stability Oversight Council and its member agencies by improving the transparency and accessibility of financial information. Berner has served as counselor to the secretary of the Treasury since April 2011.
“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. “Dick’s dedication and creativity have helped lay the groundwork for the office to fulfill its essential role in support of Wall Street Reform, including improving financial data and serving the Financial Stability Oversight Council. As Director, Dick will continue his innovative work, and I am pleased that the Senate acted to confirm him.”
Before coming to the Treasury, Berner served as managing director, chief U.S. economist and co-head of global economics at Morgan Stanley. He has also held positions at Salomon Brothers, Morgan Guaranty Trust Company, Mellon Bank, Wharton Econometrics and the Board of Governors of the Federal Reserve.
Additionally, Berner has worked on advisory boards for New York’s Federal Reserve Bank, the National Bureau of Economic Research, the Bureau of Economic Analysis and the Congressional Budget Office. He has an A.B. from Harvard College and a Ph.D. from the University of Pennsylvania.