Jeffrey A. Goldstein

Under Secretary of the Treasury for Domestic Finance (since July 2009)

(Treasury.gov)

Why He Matters

Goldstein has a Ph.D. in economics and he worked on Wall Street for 20 years, but his knowledge of finance will be tested more now than at any other point in his career.

Goldstein will join the Treasury as its head of domestic finance while the U.S. struggles to overcome the 2008-2009 recession. Running the Office of Domestic Finance, Goldstein is charged with implementing legislation that affects financial institutions while also serving as Treasury Secretary Timothy Geithner's top domestic finance adviser.

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Background

At a Glance

Career History: Managing Director of Hellman & Friedman LLP (2004 to present); Managing Director and CFO of the World Bank (1999 to 2004); Co-Chairman at BT Wolfensohn
Birthday: Dec. 2, 1955

Alma Mater: Vassar College, B.A. (economics), 1977; Yale University, PhD, MPhil and M.A. (economics)
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Path to Power

Well-schooled in economics, Goldstein graduated in 1977 with a degree in the subject from Vassar College. Goldstein then moved to Yale University, where he earned a master's, MPhil and a Ph.D. in economics.

In 1982, Goldstein used those degrees to teach economics at Princeton University. He only taught a year before moving to the public sector.

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The Issues

Goldstein enters the Treasury as Secretary Geithner's top adviser on domestic finance. Goldstein will help to implement legislation that affects financial institutions and insurance companies. The office that Goldstein oversees also produces forecasts of government debt.

Goldstein's task will differ slightly in that he will be tasked with helping to pull the U.S. out of the 2008-2009 recession. One major change in responsibility: the under secretary for domestic finance now has oversight over the Office of Financial Stability, which manages the $700 billion bailout program otherwise known as the Troubled Asset Relief Program.

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The Network

Goldstein has started in the Treasury as a counselor to Secretary Timothy Geithner and Deputy Secretary Neal S. Wolin. Other Geithner counselors include Lee Sachs and Jake Siewert. Pending Senate confirmation, Goldstein will head the Domestic Finance office of the Treasury, overseeing the Office of Financial Stability run by Herbert M. Allision Jr.

Goldstein was a top executive at Wolfensohn & Co., when it was sold in 1996 to Bankers Trust New York Corp. Obama's Chair of the Economic Recovery Advisory Board Paul Volcker was chairman of Wolfensohn at the time of the merger.

Campaign Contributions

Since 2005, Goldstein has donated nearly $75,000 while working for Hellman & Friedman. Nearly all of the money went to support Democratic candidates, except for $500 Goldstein gave in 2006 to Sen. Joseph I. Lieberman (I-Conn.).

From 1999 to 2004, Goldstein donated $15,000 while director of the World Bank. All of the money went to support Democratic candidates.

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Additional Resources