Odaily News The Trump administration has appointed Luke Pettit, an assistant to Republican Senator Bill Hagerty, to a senior position at the U.S. Treasury Department. According to a notice on Congress.gov, Pettit has been nominated as assistant secretary for financial institutions. Pettit will be in charge of the Treasury department's office, which plays an important role in developing policies to regulate banks, fintech companies (including digital asset companies), non-bank mortgage lenders, and many other financial companies. The position requires Senate approval.
Pettit has been a senior policy adviser to Haggerty, a Tennessee Republican, for the past three years. Prior to that, he was an economist on the Senate Banking Committee and worked at Bridgewater Associates, the Federal Reserve Bank of Washington’s Monetary Affairs Department and the Federal Reserve Bank of San Francisco, according to his LinkedIn profile.
He will replace Graham Steele, who held the position during the Biden administration. Steele leaves the Treasury Department in January 2024.
Ethan Fallang, a former Rumble Inc. board member and protégé of Vice President JD Vance, has also been appointed to a senior position in the Treasury Department's Office of Financial Institutions. According to people familiar with the matter, Fallang is a popular candidate for the position of deputy assistant secretary for capital markets, but it is unclear whether he has accepted the position. (Bloomberg)