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Limited Wall Street Experience A Big Plus For Job That Appears To Require Wall Street Experience

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President Barack Obama is considering Federal Reserve Governor Sarah Bloom Raskin, a former state banking regulator, to serve as deputy Treasury Secretary, according to two people familiar with the matter.

Raskin, 52, emerged as a leading candidate after Obama administration officials concluded that they wouldn’t be able to persuade the Senate to confirm anyone with a long career on Wall Street, according to the people, who asked not to be identified. While Raskin was a managing director at Promontory Financial Group, which advises banks, she joined the Fed after serving as Maryland’s top financial regulator from 2007 to 2010….

Obama and Treasury Secretary Jack Lew are seeking a candidate with expertise in financial markets to balance Lew’s shortage of experience outside of Washington….

Raskin, if nominated by the president and confirmed by the Senate, would succeed Neal Wolin as deputy Treasury secretary. Wolin is leaving that post next month, according to a Treasury official who asked not to be identified because a formal announcement hasn’t been made.

Obama Said to Consider Raskin for No. 2 Treasury Post [Bloomberg]



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