Ruth Porat, Rumored Treasury No. 2, Lobbied Regulators For Morgan Stanley, A Lot
Posted: 01/15/2013 3:25 pm EST | Updated: 01/15/2013 5:10 pm EST
President Obama’s pick to run the Treasury Department isn’t much of a financial reformer. And it looks like his potential pick for Treasury’s No. 2 spot might not be, either: She actively lobbied for Wall Street.
Obama is reportedly considering tapping Morgan Stanley chief financial officer Ruth Porat to be the “number two” at Treasury under his pick for Treasury Secretary, Jack Lew. Picking Porat would address two problems for Obama: the notable lack of women named so far to his second-term cabinet, and Lew’s professed lack of financial expertise.
But it might create yet another headache: Though Porat is accomplished and apparently knows financial markets, she has also frequently lobbied regulators over the rules in the Dodd-Frank financial-reform law, according to an incomplete tally by the Sunlight Foundation.