President Donald Trump plans to nominate, general counsel for Fannie Mae, Brian Brooks as the deputy secretary of the treasury department according to Axios.
Inside the department, three sources confirmed the appointment. Fannie Mae was one of two government-sponsored enterprises featured in the subprime mortgage crisis of 2007. However, Brooks joined Fannie Mae seven years after the subprime fiasco.
Originally, Jim Donovan (Goldman Sachs) was aligned to be a strong candidate for the job, but he withdrew his name from the position which has led to Mr. Brooks nomination.
Brooks does have a link to the White House as before joining Fannie Mae, he was vice-chairman of OneWest Bank and worked with Steven Mnuchin who wanted someone for the job that resembled loyalty, according to Axios’ unidentified sources.
Brooks was considered to lead the Consumer Financial Protection Bureau earlier this year. However, it never materialized.