President Trump’s reported favorite for a top post overseeing banks withdrew himself from consideration Wednesday, highlighting the deficit Trump faces in staffing up key financial posts.
David Nason, the CEO of GE Energy Financial Services, confirmed that he had taken himself out of the running to be nominated for the Federal Reserve’s vice chairman for supervision.
“Mr. Nason informed the White House that he no longer wished to be considered for the position of vice chairman at the Federal Reserve. He plans to pursue opportunities at GE,” a representative for the company told the Washington Examiner.
The news was first reported by Bloomberg.
The position of vice chairman for financial supervision, which was created by the 2010 Dodd-Frank law but never filled, would be an important one for shaping regulation of banks and other financial firms brought under Fed oversight.
Nason, formerly a high-ranking official in President George W. Bush’s Treasury, was said to be the leading candidate for the job.
Nearly two months in, however, Trump’s administration remains significantly understaffed in terms of financial regulations, both at independent agencies and in the Treasury Department.
Sen. Mike Crapo, the Idaho Republican who is chairman of the Senate Banking Committee, said Wednesday afternoon that he wasn’t aware of the circumstances that led Nason to withdraw from consideration.
Crapo also commented on the slow pace of nominations to top posts.
“We’ve been slowed down so much in standing up the Cabinet members that it has made it kind of slow,” Crapo said. “But I’m hoping that it will speed up now.”
