May 10, 2007
HP-396

Statement of David G. Nason
Nominee for Assistant Secretary for Financial Institutions
and to be a Member of the Board of Directors
for the National Consumer Cooperative Bank
U.S. Treasury Department
Before the Senate Committee on Banking, Housing and Urban Affairs

Washington, D.C.- Chairman Reed, Ranking Member Shelby and members of the Committee, thank you for inviting me to appear before you today. 

I am grateful to President Bush and Secretary Paulson for their trust and confidence in me.  I am honored to be here today as the President's nominee to be Assistant Secretary for Financial Institutions at the Treasury Department and to be a member of the Board of Directors for the National Consumer Cooperative Bank, an organization established to assist underserved communities across the nation.

I would like to thank my family for their unyielding support of my decision to continue in public service.  I'd like to introduce my wife, Nicole, my best friend and closest adviser, who is also a dedicated public servant, and our daughters, Alexandra, 6, and Abigail, 2.  My parents George and Ann Nason are also here today.  Aside from being very supportive parents, they are two of the greatest grandparents in the world.

If confirmed, I look forward to working with Secretary Paulson, Under Secretary Steel and the rest of the Treasury team, along with others in the Administration and Congress, on a variety of important issues impacting our financial institutions.
 
In my current role as Deputy Assistant Secretary, I have had the opportunity to engage on numerous important issues that affect our capital markets and financial institutions, including Treasury's positions on banking and insurance regulation.  I also serve as an advisor to Secretary Paulson in his capacity as chair of the President's Working Group on Financial Markets.

If confirmed, I will work constructively in my role as Assistant Secretary for Financial Institutions to ensure that the Department faithfully carries out its responsibilities related to financial institutions policy, critical infrastructure protection, and financial education.  These topics are diverse, complex, and have a direct impact on the lives of Americans.

The legal and regulatory structure imposed on our financial institutions must guard against systemic risk, protect consumers, and enhance their confidence.  If confirmed, I will help Secretary Paulson shape and implement his agenda on capital markets competitiveness.  I share the Secretary's view that robust and vibrant capital markets are directly tied to future economic prosperity for all Americans.
 
I believe that my prior professional experience has prepared me for this important responsibility.  Before coming to Treasury, I served at the Securities and Exchange Commission as counsel to a commissioner.  I was there at a critical moment in the SEC's history – when the agency implemented the Sarbanes-Oxley Act of 2002, the most comprehensive piece of securities legislation in decades.  My experience there has contributed significantly in preparing me for this next challenge at the Treasury Department.  Prior to the SEC, I spent time in the private sector as an attorney at Covington & Burling where I focused on securities offerings, mergers and acquisitions, and federal tax planning. 

If confirmed, I would seek to ensure a constructive dialogue with members of Congress and their staffs.  I appreciate the time that members of this Committee have taken to consider my nomination, and I would be happy to answer any questions.