The US Treasury’s Under Secretary for Domestic Finance will resign her post in September, it has been revealed.
Miller joined the Treasury in 2010 and has since played a crucial role in managing the nation’s debt, including the introduction of “floating rate securities” in a bid to mitigate risks associated with approaching government debt. She was also heavily involved in rolling out reforms outlined in the Dodd-Frank Reform Act and in establishing the Financial Stability Oversight Council (FSOC), both of which have seen her court controversy across the financial sector.
According to the Wall Street Journal, no successor has yet been chosen. It is thought that Miller, not wishing to stay until the end of Obama’s term in office, is looking to give her replacement sufficient time in the job before the next election.
“For over four years, Mary has worked tirelessly on behalf of the American people, leading our department’s efforts to tackle some of the most difficult challenges facing our country,” said Treasury Secretary Jacob Lew. “From the debt limit debates and the intricacies of debt management to financial reform and housing finance, Mary has been committed to strengthening our country, improving our financial system and lifting obstacles for working Americans.”
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
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