Posted: Dec 16, 2011 7:55 PM
Updated: Dec 16, 2011 7:55 PM
WASHINGTON (AP) President Barack Obama is nominating a senior counselor to Treasury Secretary Timothy Geithner to head a new government office set up to provide regulators with improved information to help prevent another financial crisis.
The White House announced Friday economist Richard Berner is the president's choice to be the first director of the Office of Financial Research within the Treasury Department. His nomination must be confirmed by the Senate.
The research office was created by legislation enacted last year to restructure how the financial system is regulated in the wake of the nation's worst financial crisis since the 1930s. It will collect and analyze financial data for early warnings to regulators of potential problems.
Berner previously held positions at the New York Federal Reserve and the Congressional Budget Office.