[1]President Barack Obama will nominate Antonio Weiss, global head of investment banking at merger-advisory firm Lazard Ltd., for U.S. Treasury [2] Under Secretary, the top domestic finance position with the government organization, according to a statement released by the White House [3].
Weiss, 48, is replacing Mary Miller, who left the Treasury Under Secretary position in September. Matthew Rutherford has been serving as acting Under Secretary since Miller's departure.
The appointment of Weiss as Treasury Under Secretary must be confirmed by the U.S. Senate. As Treasury's Under Secretary for domestic finance, Weiss will be responsible for implementing the Dodd-Frank Wall Street Reform Act and other financial regulation as well as coordinating capital markets, banking, and debt financing.
Weiss has been with Lazard since 1993 and has served in various leadership positions with the company, including managing director, vice chairman of European investment banking, and global head of mergers and acquisitions. He graduated with a bachelor's degree from Yale College and an MBA from Harvard Business School. At Harvard, Weiss was a Baker Scholar and Loeb Fellow in Finance.
President Obama issued the following statement regarding the nomination of Weiss and three others to key administration posts on Wednesday:
"I am confident that these experienced and hardworking individuals will help us tackle the important challenges facing America, and I am grateful for their service. I look forward to working with them in the months and years ahead."
Lazard and Weiss have been the subject of some controversy due to the company's alleged involvement in tax-inversion deals, which involve American companies changing their addresses to foreign countries which have more tax-friendly laws in order to avoid paying taxes imposed by the U.S. government.