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Assistant Secretary for Financial Institutions

Assistant Secretary for Financial Institutions, Department of the Treasury
Responsibility
Management Scope

The Office of Financial Institutions is one of five principal components in the Office of Domestic Finance. The assistant secretary for financial institutions oversees a deputy assistant secretary for consumer policy; a deputy assistant secretary for community development and small business lending; a director of critical infrastructure; and a deputy assistant secretary for financial institutions policy. The Director of the Community Development Financial Institutions Fund (CDFI) falls under the control of the assistant secretary through the deputy assistant secretary for community development and small business lending. The assistant secretary oversees a budget of about $260 million.

Primary Responsibilities

• Coordinates the department’s efforts regarding financial institutions legislation and regulation, legislation affecting federal agencies that regulate or insure financial institutions, and securities markets legislation and regulation
• Is responsible for cybersecurity of the financial sector through the Office of Critical Infrastructure, and ensures the resiliency of the financial services sector in the wake of a terrorist attack
• Coordinates the department’s efforts on financial education policy, access and consumer protection
• Oversees the small business, community development and affordable housing program and the community development fund3

• Works closely with the undersecretary for domestic finance, the fiscal assistant secretary and the assistant secretary for financial markets4

Strategic Goals and Priorities
Depends on the policy priorities of the administration, but includes:
• Cybersecurity
• Core principles of regulation
Requirements

• Thorough understanding of financial institutions and the evolving financial institutions landscape
• Understanding of the regulatory environment

Competencies

• Ability to navigate financial institutions and markets, as well as the regulatory and legislative process5
• Strong negotiation skills to work with interagency partners
• Strong strategic thinking
• Strong management skills for handling emergencies
• Ability to maintain high-level relationships at private, corporate and financial institutions

Past Appointments
  • Amias Gerety (2014 to 2017): Deputy Assistant Secretary for the Financial Stability Oversight Council; President-Elect Obama Transition Team; Associate, Oliver Wyman
  • Cyrus Amir-Mokri (2011 to 2014): Committee Decision Maker, President’s Advisory Council on Financial Capability, Office of Financial Education and Access and Consumer Protection, Department of the Treasury; Senior Counsel to the Chairman, Commodity Futures Trading Commission; Team Member, Securities and Exchange Commission Review Team, President-Elect Obama Transition Team6
  • Michael S. Barr (2009 to 2010): Professor of Law, University of Michigan; Senior Fellow, The Brookings Institution; Senior Fellow, Center for American Progress7
  • David George Nason (2007 to 2009): Director, Board of Directors, Securities Investor Protection Company; Deputy Assistant Secretary for Financial Institutions Policy, Undersecretary for Domestic Finance, Department of the Treasury; Counsel, Securities and Exchange Commission8
AGENCY

Department of the Treasury

Mission: The Treasury Department is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States.

COMPENSATION

Level IV $155,500 (5 U.S.C. § 5315)1

REPORTS TO

Undersecretary for Domestic Finance2

SENATE COMMITTEE

Banking, Housing and Urban Affairs

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Footnote
  1. The Consolidated Appropriations Act, 2017 (Public Law 115-31, May 5, 2017), contains a provision that continues the freeze on the payable pay rates for certain senior political officials at 2013 levels during calendar year 2017.
  2. Romney Transition Project position description
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