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Treasury Hires Staff Chief for Wall Street Risk Council, Sources Say

  • Bimal Patel takes key FSOC role flagging risks, designations
  • Banking lawyer had served as senior adviser to FDIC’s Norton

The Trump administration has hired a banking lawyer for a key position with a panel whose work monitoring for financial-industry perils has been assailed by Republicans, according to people familiar with the move.

Bimal Patel has joined the staff of the Financial Stability Oversight Council to run day-to-day operations for the panel created by the Dodd-Frank Act, said two people who requested anonymity because the hiring hasn’t been announced. The new Treasury deputy assistant secretary previously led the financial-regulation practice at O’Melveny & Myers and was a senior adviser to former Federal Deposit Insurance Corp. board member Jeremiah Norton.