U.S. Treasury Undersecretary Stuart Levey, the department’s top official for fighting terrorist financing, plans to resign after six-and-a-half years in the job.
“There’s no perfect time for these things but this is as good a time as any,” Treasury Secretary Timothy F. Geithner said in a statement. The White House intends this week to name David Cohen, assistant secretary for terrorist financing, to replace Levey, an administration official said on condition of anonymity because the decision hasn’t been publicly announced.
Levey, 47, has headed an office that oversees the Treasury’s efforts to stop illicit international funding and enforces economic and trade sanctions. During a tenure that spanned both the Bush and Obama administrations, Levey has helped lead the American effort to staunch the flow of money intended to help al-Qaeda and regimes in Iran and North Korea.
“Every financial institution anywhere in the world needs to preserve its reputation for integrity in order to do business globally and especially in the U.S.,” Geithner said. “Stuart has been able to use that reality as an incentive to get the private sector to move to reinforce our policies.”
The Treasury secretary added that Cohen “came to Treasury with well established outside expertise and has worked at Stuart’s side for the last two years.”
The plans for Levey’s resignation and Cohen’s nomination were reported earlier by the Wall Street Journal.