Patel nomination as Treasury FI assistant secretary sent to Senate

The president’s nomination of Bimal Patel to be next Treasury assistant secretary for financial institutions was sent Monday to the full Senate and awaits further action of the Senate Banking Committee.

President Donald Trump announced his intention to nominate Patel Sept. 13. If he is confirmed, he would replace Christopher Campbell, who was confirmed to the post in August 2017 but has since resigned.

Patel is currently Treasury’s deputy assistant secretary for the Financial Stability Oversight Council (FSOC).

Treasury’s Office of Financial Institutions helps formulate policy on financial institutions and government-sponsored enterprises, critical infrastructure protection and compliance policy, and financial education. Housed within the Office of Domestic Finance, the financial institutions office also oversees the Terrorism Risk Insurance Program and the Community Development Financial Institutions (CDFI) Fund.

According to White House information, Patel, before he joined Treasury, was a partner and head of the financial advisory and regulation practice in the Washington, D.C., office of O’Melveny & Myers LLP. He previously served as senior advisor to former Federal Deposit Insurance Corp. (FDIC) Board member Jeremiah O. Norton, it said. Additionally, Patel has served as an adjunct associate professor at Stanford University, teaching an undergraduate course on banking regulation. He earned his B.A. from Stanford University, M.P.P. from the Kennedy School of Government at Harvard University, and J.D. from the Georgetown University Law Center.

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