WASHINGTON (7/11/08)—Following an announcement by Wachovia Corp. late Wednesday that U.S. Treasury Undersecretary Robert K. Steel will become its chief executive and president, Treasury Secretary Henry M. Paulson, Jr. announced staff changes in his agency’s office of domestic finance. The Treasury announcement noted:
* Assistant Secretary for Financial Markets Anthony W. Ryan will take on a broader role managing Treasury's domestic finance and financial markets agenda; * Assistant Secretary for Financial Institutions David Nason will continue to spearhead regulatory reform efforts and oversee financial institutions policy, including issues surrounding the government-sponsored enterprises; * Steven Shafran, with 22 years of experience in finance before coming to Treasury, will take on a broader role in his current capacity as senior adviser to the Secretary; * Assistant Secretary Kenneth Carfine will continue to oversee the government's fiscal operations, including managing federal financing needs and the government's cash flow; and * Deputy Assistant Secretary for Financial Institutions Policy Jeremiah Norton will take on additional financial institutions responsibilities.
Paulson said, “I have great confidence in the abilities of the domestic finance team at Treasury to adjust to this change and not miss a beat." He also noted that Steel has been his friend and colleague for more than 30 years and had served “the President and the public with ingenuity and dedication during extraordinary times in our financial markets.”