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Former Congressman Murphy Said to Be in Talks With Treasury

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May 24 (Bloomberg) -- Former Democratic Congressman Scott Murphy of New York is in talks to join the U.S. Treasury Department, two people with knowledge of the matter said.

One option being considered would be to hire Murphy, 41, as a counselor to Treasury Secretary Timothy F. Geithner. Murphy could also be nominated as assistant secretary for financial institutions, a position left open by the departure of Michael Barr, said the people, who declined to be identified because the appointment isn’t final.

While he’s likely to have some role in domestic financial policy, talks are continuing, and Murphy’s exact position may change, the people said. Murphy, reached by telephone today, declined to comment.

Treasury Department spokeswoman Colleen Murray declined to comment on Murphy.

He served as a congressman for one term from 2009 to 2011. As a member of the Agriculture Committee, he helped the Obama administration write provisions of the Dodd-Frank Act that deal with derivatives trading.

Murphy was also a member of the pro-business New Democrat Coalition. He won a special election to fill the seat left open by Kirsten Gillibrand when she was appointed to the Senate. Murphy was defeated in his bid for re-election by Republican Chris Gibson.

Murphy had previously worked at Advantage Capital Partners and as president of the Board of Directors for Upstate Venture Association of New York.

The assistant secretary for financial institutions oversees Treasury policy on Wall Street and banking.

To contact the reporters on this story: Cheyenne Hopkins in Washington at Chopkins19@bloomberg.net

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

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