GE Energy Financial Services CEO David Nason, considered a leading candidate to become the Federal Reserve’s vice chairman for supervision, has dropped out of the running.
“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,” the Stamford company said in a statement.
The position of vice chairman for supervision was created in 2010 by the Dodd-Frank Act, in part to serve as a regulator for Wall Street activities. It has never been formally occupied, although Fed board member Daniel Tarullo essentially filled the role during the Obama administration. Tarullo plans to leave the Fed next month.
From 2005-09 Nason served as assistant secretary for Financial Institutions under Treasury Secretary Henry Paulson, a time that included the 2008 financial crisis. Prior to that he spent three years as counsel to Securities and Exchange Commissioner Paul Atkins.