Senate says the word for new financial research director: ‘aye’ to confirmation

Dino Falaschetti is (finally) the next director of Treasury’s Office of Financial Research, after a voice vote by the Senate Thursday. His nomination to the post has been pending since last year.

Falaschetti succeeds Richard B. Berner in the position, who resigned.

Falaschetti, a former chief economist for the House Financial Services Committee, during his confirmation hear last year, said his career and academic work prepared him to lead the OFR to ensure the research organization “efficiently and effectively provides the high-quality financial data and analysis that Congress intended.

He  told the panel then that, if confirmed, he would work with the Senate Banking Committee and the financial regulator members of the Financial Stability Oversight Council (FSOC) to “promote a more resilient financial sector so that all Americans, wherever they might have started, have reliable access to the kind of financial hand up that helped my parents realize their dreams.”

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 established the OFR to support the FSOC by measuring and analyzing risks, performing essential research, and collecting and standardizing financial data.