Miller to Be Acting U.S. Treasury Deputy as Wolin Leaves

Mary Miller, the U.S. Treasury Department’s undersecretary for domestic finance, will become acting deputy Treasury secretary following next week’s departure of Neal Wolin.

Wolin will leave office on Sept. 3, said a Treasury official who spoke on condition of not being further identified. Miller will be second in command while the nomination of Sarah Bloom Raskin, whom President Barack Obama on July 31 picked to become the first female deputy secretary, goes through the Senate confirmation process.

Miller, 58, has been one of the Obama administration’s top officials overseeing implementation of the Dodd-Frank financial regulation law, including the Volcker rule restrictions on proprietary trading.

The Treasury official said Miller will hold the No. 2 position on an acting basis in accordance with a standing Treasury order that makes the undersecretary for domestic finance the acting deputy when necessary.

Miller has been overseeing work by the staff of the Financial Stability Oversight Council, a group of regulators charged with preventing a crisis. Treasury Secretary Jacob J. Lew is the council’s chairman. Miller has also been part of the administration’s efforts to overhaul the housing finance system and is responsible for the Treasury’s management of the public debt.

Miller was assistant secretary for financial markets from February 2010 until March 2012, when she was confirmed as undersecretary by the Senate.

Miller is well-known in the asset management industry because she spent 26 years at T. Rowe Price Inc., including as director of fixed income, head of the municipal bond department and portfolio manager.

Wolin’s departure was announced by the Treasury on July 23. He was a key negotiator with Congress on the Dodd-Frank law that was signed by President Obama in 2010.

To contact the reporter on this story: Ian Katz in Washington at ikatz2@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

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