President Barack Obama is considering two women for senior economic positions, weighing Ruth Porat, chief financial officer at Morgan Stanley, for deputy Treasury secretary and Wal-Mart Foundation President Sylvia Mathews Burwell for budget director, according to people familiar with the matter.
Bloomberg reports that Porat is a leading candidate for the number two position at Treasury and would bring deeper market experience than Jack Lew, Obama’s choice for Treasury secretary, according to one of the people.
She would also provide gender balance on an economics team dominated by men, said the people, who requested anonymity to discuss personnel matters that haven’t been announced.
Porat is no stranger to the Treasury department. In September 2008, during the financial crisis, then-Treasury Secretary Hank Paulson hired Morgan Stanley to review the finances of Fannie Mae and Freddie Mac, prior to the U.S. seizure of the government-sponsored enterprises that buy and back mortgages to provide liquidity in the market.
Porat, then head of global financial institutions, working along with Robert Scully, an adviser to then-Morgan Stanley Chief Executive Officer and Chairman John Mack, led a 39-person team at the investment bank that explored options for Fannie and Freddie.
Hit the link below to access the complete Bloomberg article:
image: © Marc Nozell