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GE's Nason not interested in joining Fed - Bbg
March 8, 2017 / 5:02 PM / 9 months ago

GE's Nason not interested in joining Fed - Bbg

March 8 (Reuters) - David Nason, a General Electric executive and former Treasury Department official, has told the White House that he was no longer interested in taking up the role of Federal Reserve’s bank supervision chief, Bloomberg reported.

Nason, who heads GE's Energy Financial Services division, said he plans to pursue opportunities at the conglomerate, Bloomberg said on Wednesday. (bloom.bg/2n6df2T)

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.

The Trump administration has said it was looking to fill the position, which was created by the Dodd-Frank Wall Street reform law after the 2007-09 financial crisis.

The post was never filled, but Daniel Tarullo who resigned in February as Fed governor took on much of those responsibilities. Tarullo said he would leave the U.S. central bank on or around April 5.

Tarullo’s resignation is seen as boosting Trump’s plans to ease reforms put in place after the financial crisis.

The supervision chief is the most senior rule-writer for Wall Street and has a large say in how leading banks are supervised day to day. (Reporting by Arunima Banerjee in Bengaluru; Editing by Anil D‘Silva)

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