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Weiss Withdraws as Treasury Nominee, Will Become Lew Adviser

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Lazard Ltd.’s Antonio Weiss withdrew from consideration for a top Treasury post and accepted a less-prominent role, handing a political victory to anti-Wall Street Democrats led by Senator Elizabeth Warren.

Weiss will be a counselor to Treasury Secretary Jacob J. Lew, a position that doesn’t require Senate approval, the White House said in a statement. That job will give Weiss influence at the Treasury though with a lower profile than he would have had as undersecretary for domestic finance.