The US Senate has named former Morgan Stanley executive Richard Berner as the first director of the Office of Financial Research (OFR). The OFR was set up under the Dodd-Frank legislation within the US Treasury Department and charged with tasks such as the development of a global legal entity identifier (LEI) system that will improve the quality and transparency of financial data, and provide greater understanding of any threats to financial stability.
Berner has served as counsellor to the Secretary of the Treasury since April 2011 and in this role helped to set up the OFR, which supports the work of the Financial Stability Oversight Council, a body of regulators that was also created by Dodd-Frank. Before moving to the treasury, Berner was a managing director, co-head of global economics and chief US economist at Morgan Stanley.
Commenting on Berner’s appointment to director of the OFR, Secretary of the Treasury Tim Geithner, says: “Dick has been instrumental in treasury efforts to stand up the OFR and enhance our understanding of risk across the financial system. His dedication and creativity have helped lay the groundwork for the office to fulfil its essential role in support of Wall Street reform, including improving financial data and serving the Financial Stability Oversight Council.”