Obama announces Treasury nominees

After some candidates have dropped out of contention, President Barack Obama has announced three high-level nominations for Treasury Department posts. These include: Helen Elizabeth Garrett for assistant Treasury secretary for tax policy, Michael S. Barr for assistant Treasury secretary for financial institutions, and George W. Madison for the department's general counsel.

"With the current set of financial challenges and Treasury's central role in developing and implementing policies to address them, all of these positions each in their own way are extremely important," former Treasury official Jeff Kupfer told Bloomberg.com.

Some early Obama candidates have dropped out of contention for Treasury posts, making Secretary Timothy Geithner's job even more difficult. Senate confirmation is needed for all three posts. Here is some biographical information about each nominee:

Helen Elizabeth Garrett
Garrett, 45, is the University of Southern California's Vice President for Academic Planning and Budget and the Sydney M. Irmas Professor of Public Interest Law, Legal Ethics, Political Science, and Policy, Planning, and Development. At USC, she oversees resource allocation and manages academic programs and priorities. She is co-director of the USC-Caltech Center for the Study of Law and Politics. In January 2005, she was appointed to President George W. Bush's nine-member bipartisan Advisory Panel on Federal Tax Reform. She chairs the finance committee of the national governing board of Common Cause. Garrett clerked for Justice Thurgood Marshall at the U.S. Supreme Court and served as legal counsel and legislative assistant for tax, budget, and welfare reform issues for U.S. Senator David L. Boren. She has been a professor at the University of Chicago Law School. She graduated from the University of Oklahoma and the University of Virginia Law School.

Michael S. Barr
Barr, 43, a law professor at the University of Michigan Law School, teaches financial institutions, international finance, transnational law, and jurisdiction and choice of law. He co-founded the International Transactions Clinic and is a senior fellow at the Center for American Progress and at the Brookings Institution. Barr has served as special assistant to former Treasury Secretary Robert E. Rubin, as deputy assistant secretary of the Treasury, as special advisor to President William J. Clinton, as special advisor and counselor on the policy planning staff at the State Department, and as a law clerk to U.S. Supreme Court Justice David H. Souter and then-District Court Judge Pierre N. Leval of the Southern District of New York. Barr is a former Rhodes Scholar with law and undergraduate degrees from Yale University.

George W. Madison
Madison, 55, is TIAA-CREF's Executive Vice President and General Counsel. He joined the financial services firm in 2003 after six years as executive vice president, general counsel, and corporate secretary at Comerica Incorporated. He has been a partner at the law firm of Mayer, Brown & Platt in New York, practicing banking and structured finance law for foreign and domestic money center banks. He served as law clerk to Judge Nathaniel R. Jones at the U.S. Court of Appeals for the Sixth Circuit in Cincinnati. He graduated from New York University's Stern School of Business, has a law degree from Columbia Law School, and an M.B.A. from Columbia Business School.

You may like these other stories...

IRS must take oath on Lerner emails: judgeMackenzie Weinger of Politico reported on Thursday that a federal judge ordered the IRS to explain under oath how it lost emails connected to Lois Lerner, the ex-IRS official at the...
The Republican-controlled House of Representatives passed a bill on Friday morning that would permanently extend the bonus depreciation tax break for businesses.The measure, HR 4718, which was crafted by Representative Pat...
The Republican-led House of Representatives is expected to pass a bill this week that would permanently extend the bonus depreciation tax break. But don’t expect President Obama to sign it.The Obama administration said...

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.