The American conservative blog, The American Spectator, is reporting that the new President-elect Donald Trump will appoint a new CPA to his White House team, who will be a former CEO of a Wall Street investment bank.
Trump is also reportedly planning to nominate several of his cabinet nominees, which would mean that at least one of them could potentially be an investor in a Wall St. investment bank that was a major player in the mortgage crisis.
Trump also reportedly plans to nominate a number of senior advisers to the administration, and one of the people who Trump will choose is his daughter Ivanka Trump.
As Breitbart News reported on Friday, the CPA who will oversee the White House’s financial sector will likely be someone who has previously been a prominent CPA in the financial services industry, and who is most famous for helping broker deals for Citigroup, JPMorgan Chase, and other Wall Street banks.
The new CPa will be named Richard Berman, who served as CPA and head of the CFPB for years under President George W. Bush.
Berman also served as co-chair of the White Houses Financial Stability Advisory Board, which oversaw a number policies aimed at stabilizing the financial system during the financial crisis.
The CPA will also have experience overseeing the Treasury Department and the Federal Reserve.
Under Berman, the Federal Deposit Insurance Corporation oversaw millions of small business and financial institutions and helped to stabilize the financial markets during the recession.
During the 2008 financial crisis, the Fed used its vast power to rescue institutions that were unable to withstand the threat of a bank run, but Berman and the Fed failed to protect the financial stability of the system.
It was only after Congress passed Dodd-Frank in 2010 that the Fed was forced to make major changes in how it regulates financial institutions.
The Fed also established the Office of Financial Stability in 2014 to oversee and monitor financial institutions, and it recently took a number executive actions to ensure that financial institutions are subject to the same regulations that apply to other large financial institutions like the banks.
However, Berman is most known for helping the financial institutions that made the crisis worse by facilitating the sale of toxic mortgage-backed securities to the largest Wall Street firms during the housing bubble, as well as the sale and purchase of risky subprime mortgages.
During his time as CFPA chair, Berman was one of four CFPAs members who negotiated with major banks over the terms of the largest subprime mortgage deal in history, a $3.5 trillion sale of mortgages to mortgage giants Fannie Mae and Freddie Mac.
During Berman’s tenure at the CBA, the company that purchased the loans had to give the federal government a guarantee that it would pay for the loans.
Berman, a Republican who was appointed by President George H.W. Bush, served on the CSA under the Obama administration and was a key architect of the deal.
The Obama administration had to pay the mortgage lenders a $14 billion bailout in 2011 after the housing crisis began to take hold.
However as Breitbart News reports, the Trump transition team has reportedly been very hesitant about releasing information about the CSPs appointments.
The President-Elect has not made public his nominees for CPA, nor has he released his plans for the Whitehouse financial sector.
In addition, he has yet to reveal who he is appointing to his Cabinet, including his nominee for Secretary of the Treasury.