The new position of chief risk officer created by the US Treasury Department will be filled by Kenneth Phelan. Phelan, who is 55 years old, has held similar roles for the Royal Bank of Scotland Group Plc and at Fannie Mae soon after the last US financial crisis.
The newly created Office of Risk Management, to be headed by Phelan, will work hand in hand with the Office of management and Budget at the White House. Together the two departments will advise other federal agencies which have the potential to affect the fiscal and debt-management operations of the Treasury Department.
Phelan has already been at the Treasury since November. His tenure at RBS Americas as the chief risk officer commenced in 2011. Prior to that he led risk management at Fannie Mae from 2009 until he joined RBS in 2011.
According to a memo issued by the Treasury Department and dated to September 2013, the department decided to hire a chief risk officer to “provide permanent financial risk-management expertise.” The Treasury has taken on the responsibility of bailing out other federal agencies, such as Fannie Mae and Freddie Mac, using taxpayer money.
Phelan will take his orders from the Deputy Treasury Secretary, Sarah Bloom Raskin.
Sorry, comments are closed for this post.