Richard Berner Confirmed As Director Of The Office Of Financial Research

WASHINGTON – Richard Berner was confirmed by the United States Senate yesterday to serve a six year term as the first Director of the Office of Financial Research (OFR). In this role, Berner will lead the OFR in its mission to support the Financial Stability Oversight Council, its member agencies, and the public by improving the quality, transparency, and accessibility of financial information and by providing analysis of threats to financial stability.

Since April 2011, Berner has served as Counselor to the Secretary of the Treasury, who assigned him to assist in standing up the OFR. The Dodd-Frank Wall Street Reform and Consumer Protection Act established the OFR within the Treasury Department.

“Dick has been instrumental in Treasury’s efforts to stand up the OFR and enhance our understanding of risk across the financial system,” said Secretary Tim Geithner. “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 joining the Treasury, Berner was a Managing Director, Co-Head of Global Economics and Chief U.S. Economist at Morgan Stanley. He previously held positions at Mellon Bank, Salomon Brothers, Morgan Guaranty Trust Company, Wharton Econometrics, and the Board of Governors of the Federal Reserve System. He has also served on advisory boards for the Federal Reserve Bank of New York, the Congressional Budget Office, the National Bureau of Economic Research, and the Bureau of Economic Analysis.

Berner holds an A.B. from Harvard College and a Ph.D. from the University of Pennsylvania. He is married to Bonnie Berner; they have two adult children, Matt and Laura.