Patrick McHenryChairman

Washington, January 24, 2023 -

Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), released the following statement in response to President Joe Biden’s nomination of Ron Borzekowski as the head of the Office of Financial Research (OFR) at the U.S. Treasury Department.

“The days of Democrats using critical financial regulators to push progressive priorities with zero consequences are over,” said Chairman McHenry. “President Biden’s nomination of Ron Borzekowski to lead the Treasury Department’s Office of Financial Research is unsettling. I’m concerned Mr. Borzekowski—an original Richard Cordray staffer—will bring the partisan, unaccountable nature of the CFPB to the important work of OFR and the Financial Stability Oversight Council. The Biden Administration’s use of FSOC to push the radical left’s social and climate policies are part of a troubling trend of rogue Democrat regulators going far beyond their congressionally granted statutory authority. Under Republican leadership, the Financial Services Committee will use aggressive and robust oversight to ensure Biden’s regulators, including OFR and FSOC, focus on their core missions and stay within the bounds of Congressional intent.”

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