Nason, former Treasury official, being
vetted for Fed role: sources
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[January 20, 2017]
By Patrick Rucker and Olivia Oran
WASHINGTON/NEW YORK (Reuters) - David
Nason, a General Electric executive and former Treasury Department
official, is the front runner to become the Federal Reserve's top Wall
Street regulator under President-elect Donald Trump, sources familiar
with the screening said on Thursday.
Nason leads GE's Energy Financial Services division, which funds
worldwide energy development, mostly from thermal and renewable sources.
In 2008, Nason was a deputy to Treasury Secretary Henry Paulson as U.S.
regulators tried to stabilize Wall Street and prevent an economic
meltdown after the housing market collapsed.
Trump will have a chance to nominate the Fed's vice chair for
supervision - a role conceived in the wake of the financial collapse to
watchdog Wall Street.
If Nason is tapped for the role, he would be the most senior rule-writer
for Wall Street with a large say in how leading banks are supervised day
In recent weeks, other names have been floated as vice chair candidates
who can boast support from Wall Street.
Representative French Hill, an Arkansas Republican and former banker,
has been favored by some in the banking industry while some Washington
lobbyists have favored Paul Atkins, a former commissioner with the
Securities and Exchange Commission.
While no final decision has been made on who should fill the job, Nason
has Paulson's backing and has become the front runner in recent weeks,
the sources said.
In the last several weeks, Nason has met with Trump's senior economic
advisers Gary Cohn and Steve Mnuchin, according to one source familiar
with the meetings.
[to top of second column]
Former U.S. Assistant Secretary for Financial Institutions, U.S.
Department of the Treasury, David Nason speaks during the "TARP: A
Look at What Happened From Inside the Treasury Department " panel at
the 2009 Milken Institute Global Conference in Beverly Hills,
California April 29, 2009. REUTERS/Phil McCarten
A Trump spokesperson declined to comment.
Trump has named Cohn as head of the White House National Economic
Council and nominated Mnuchin as Treasury secretary.
Both Cohn and Mnuchin held senior roles at Goldman Sachs, and they
have heard directly from Paulson, the company's former chief
executive, that Nason is a solid pick, according to another source
familiar with the screening.
Nason did not immediately respond to a call for comment. A spokesman
for Paulson declined to comment.
In Paulson's memoir, "On the Brink," the former cabinet secretary
singles Nason out for praise during the financial crisis.
(Reporting by Patrick Rucker in Washington and Olivia Oran in New
York; Additional reporting by Emily Stephenson in Washington;
Editing by Linda Stern, Lauren LaCapra and Leslie Adler)
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