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role at the Treasury Department in arranging bailouts of the 2008 crisis. The
head of regulatory policy at the Fed is a key post considering the a
dministration’s desire to cut
red tape on banks. The position has been open since it was created by the 2010 Dodd-Frank Act. Daniel Tarullo has been doing the job unofficially but he is stepping down from the Board of Governors in April. Nason had the backing of Gary Cohn, the former Gol
dman Sachs president who heads Trump’s National Econ
omic Council and has championed deregulation. But the White House has been focused on executive orders and othe香港红姐心水论坛社区 r priorities, and the administration never publicly endorsed Nason. That silence left an opening for critics. Nason was one of Hank Paulson’s key lieutenants at Treasury during the crisis, and conservatives questioned his involvement in the Troubled Asset Relief Program. Financial-sector lobbyists who want a more radical dismantling of Dodd-Frank voiced their concerns to Senate Republicans, citing Nason’s past defense of the legislation. The White House repeatedly declined to comment even as reports of opposition surfaced in the media. He is not the first nominee to be left hanging in the wind. The administration failed to strongly back Trump’s choice for Labor secretary, fast-food CEO Andy Puzder, after De
mocrats attacked his record of labor violations and worker abuses at Carl’s Jr. and Hardee’s. He withdrew his name in February. Another Goldmanite, Jim Donovan, is Treasury Secretary Steven Mnuchin’s pick for the No. 2 spot but the administration has again been silent amid questions about Donovan’s Wall Street ties. And Secretary of State Rex Tillerson still cuts a lonely figure at Foggy Bottom after administration officials nixed his favorite for deputy. Nason’s withdrawal now leaves the White House scrambling after other potential candidates, like Congressman French Hill, declined to be considered for the Fed role. Given Nason’s treatment, others with the right qualifications may also think twice about joining the new regime.