This week, the Senate Banking Committee held a confirmation hearing for President Trump’s nominee to lead the Office of Financial Research. The nomination has received little press coverage and the nominee received only a few questions at the confirmation hearing.
But the fact that this nomination is flying under the radar is not surprising. The OFR is arguably the most important piece of the Dodd-Frank Wall Street Reform and Consumer Protection Act that is never discussed. Despite its lack of public attention, the OFR’s crucial financial stability role demands a leader willing to aggressively execute its lofty mission. Unfortunately, President Trump’s nominee to lead the OFR is more likely to defang and defund the agency than to strengthen it.