Trump Nominates House Panel Economist Falaschetti to Head OFR

Hensarling stated that OFR has been "plagued by reports of inefficiency, poor morale and fiscal irresponsibility" and is in "desperate need" of new leadership.

Falaschetti's "policy leadership on systemic risk and monetary policy, as well as his professional experiences with financial institutions and executive management in economic research, is exactly what OFR needs to realize its vision of 'a transparent, efficient and stable financial system,'" Hensarling said.

Former OFR Director Richard Berner told lawmakers in December 2017 before he departed that OFR "has made enormous progress since its inception" on fulfilling its mission "to shed light into the dark corners of the financial system."

However, Berner continued, "our work is far from complete. The evolving nature of the financial system and the vulnerabilities that could threaten it make financial stability a moving target and the dark corners move with it. Because this work requires ongoing vigilance, that light must continue to shine."

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