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Mary Miller Plans to Stay as U.S. Treasury Undersecretary

Mary Miller, U.S. Treasury undersecretary for domestic finance, said she plans to stay in the job and help Jack Lew, the Treasury secretary nominee, get confirmed.

“Right now I’m totally focused on getting our new secretary confirmed and, you know, my plan is to stay,” Miller said in a short interview in Washington today. “I have no plans to go.”

Miller, 57, is the Treasury official responsible for coordinating five agencies writing the Volcker rule to ban banks’ proprietary trading under the Dodd-Frank Act. She is leading the Treasury’s efforts to revamp mortgage companies Fannie Mae and Freddie Mac, and supervising sales of Treasury securities.

She was at the center of the August 2011 dispute between the Obama administration and Standard & Poor’s over the firm’s first-ever downgrade of U.S. government debt. Treasury officials found what they called a $2 trillion “basic math error” in S&P’s explanation of the rating change.

Miller spent 26 years at T. Rowe Price Group Inc., including as director of fixed income, head of the municipal bond department and portfolio manager.

She spoke today after her testimony to the Senate Committee on Banking, Housing and Urban Affairs at a hearing on implementation of Dodd-Frank.

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