Obama’s nomination of
Neal Wolin is expected to step down from his role as the deputy secretary of the Treasury, which is the No. 2 spot in the department, leaving an important vacancy. The position as chairman and head of the Securities Exchange Commission also has to be filled.
Regulatory hawks are pushing the administration to fill these roles with candidates dedicated to completing the implementation of Dodd-Frank.
Lew’s appointment showed an emphasis on budget matters from the White House, as Lew has admitted he “doesn’t consider himself an expert in some aspects of the financial industry” and that he does not think “deregulation of Wall Street caused the financial collapse of 2008.”
“The six largest financial institutions have assets worth $9 trillion, two-thirds the GDP of the United States. I think people understand that the Fed does not regulate Wall Street but Wall Street regulates the Fed,” said Sen. Bernie Sanders (Vt.), a liberal independent who caucuses with Democrats.
Bloomberg has reported that
Meanwhile, The Hill speculates that
Other options that have been floated are Sheila Bair, the former chairwoman of the Federal Deposit Insurance Corporation, or Neil Barofsky, who oversaw the implementation of the Troubled Asset Relief Program.