December 13, 2006
HP-195

Treasury Nominees Sworn In

Five Treasury nominees were sworn in this week: Robert F. Hoyt as General Counsel, Phillip L. Swagel as Assistant Secretary for Economic Policy, Anthony W. Ryan as Assistant Secretary for Financial Markets, Eric Solomon as Assistant Secretary for Tax Policy, and Michele A. Davis as Assistant Secretary for Public Affairs.

As General Counsel, Hoyt serves as the chief law officer of the Department of the Treasury. In addition, he is responsible for the supervision of more than 1,400 lawyers within the Department's legal division. Prior to joining Treasury, Hoyt served as Associate Counsel to the President at the White House and before that he was a Partner at Wilmer, Cutler, Pickering, Hale and Dorr. Earlier in his career, he served as a law clerk to the Honorable Herbert P. Wilkins on the Massachusetts Supreme Judicial Court.

As Assistant Secretary, Swagel is an advisor to the Treasury Secretary on all aspects of economic policy. His office is responsible for reporting on current and prospective macroeconomic developments and assisting in the determination of appropriate economic policies. His office is also responsible for the review and analysis of domestic microeconomic issues and developments in the financial markets. Swagel has served as a Senior Advisor to Secretary Paulson since October. Prior to joining the Treasury Department, Swagel served as a Resident Scholar at the American Enterprise Institute. Prior to this, he served as Chief of Staff of the Council of Economic Advisers. Earlier in his career, he served as an Economist at the International Monetary Fund and the Federal Reserve Board.

As Assistant Secretary for Financial Markets, Ryan will lead the efforts of the Office of Financial Markets to formulate policy on federal debt management and financial markets oversight. He will advise the Under Secretary for Domestic Finance on policy and legislation on federal finance market issues and examine the impact of such policies on industries and the markets. Ryan has served as a Senior Advisor to Secretary Paulson since July. Prior to joining the Treasury Department, Ryan spent 20 years in the financial services industry. Most recently, he was a partner of Grantham, Mayo, van Otterloo & Co. Prior to GMO, Ryan was a portfolio manager and business executive for global institutional asset management firms including State Street Corporation and The Boston Company. As Assistant Secretary for Tax Policy, Solomon has supervisory responsibility for providing the Secretary of the Treasury with policy analysis, advice and recommendations relating to all aspects of domestic and international issues of federal taxation, including all legislative proposals, regulatory guidance, and tax treaties. His office is also responsible for providing the official estimates of all government receipts for the President's budget, fiscal policy decisions, and Treasury cash management decisions. Solomon joined Treasury in October of 1999. Since 2001 he has served as the Deputy Assistant Secretary for Regulatory Affairs. He has also held the position of Acting Deputy Assistant Secretary for Tax Policy since December 2004. Previously, Solomon was a partner at Ernst & Young. Before joining Ernst & Young, Solomon served at the Internal Revenue Service for five years as Assistant Chief Counsel (Corporate), heading the IRS legal division with responsibility for all corporate tax issues.

As Assistant Secretary for Public Affairs, Davis is the lead representative of the Treasury Department and Secretary Paulson for media, business, professional trade organizations, consumer groups, and the public. In addition to serving as the chief spokesman, Davis will also design and implement policies and communications strategies for the Department that will increase the public's knowledge and understanding of Treasury's activities and services. Davis has served as a Senior Advisor to Secretary Paulson since October. Before joining the Treasury Department, Davis served as Deputy National Security Advisor and Deputy Assistant to the President for Communications for the National Security Council.