Obama to Nominate Raskin as First Female U.S. Treasury Deputy

President Barack Obama plans to nominate Federal Reserve Governor Sarah Bloom Raskin to be deputy Treasury secretary, the White House said in a statement, which would make her the highest-ranking woman in the history of the department.

Raskin, who must be confirmed by the Senate, would replace Neal Wolin, who is leaving the Treasury at the end of August. Wolin was a key negotiator with Congress on the Dodd-Frank financial overhaul law that was signed into law by Obama in 2010. Regulators are implementing the law and the Treasury is coordinating that work among agencies including the Securities and Exchange Commission and the Federal Deposit Insurance Corp.