President Donald Trump nominated on Monday Dino Falaschetti, the chief economist for the House Financial Services Committee, to serve as director of the Treasury Department’s Office of Financial Research.
Falaschetti served as a senior economist in President George W. Bush’s Council of Economic Advisors, and has been a professor of law.
OFR was created by former President Barack Obama after the financial crisis. Trump has committed to slashing OFR’s budget and staff.
House Financial Services Committee Chairman Jeb Hensarling, R-Texas, said in a statement that “as is the case with most post-crisis creations of President Obama and Washington Democrats,” OFR “has failed to live up to its purported mission.”
Hensarling stated that OFR has been “plagued by reports of inefficiency, poor morale and fiscal irresponsibility” and is in “desperate need” of new leadership.