Treasury building in Washington. Treasury building in Washington.

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.

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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