Mark Brickell, a derivatives expert who was set to become the head of the Office of Federal Housing Enterprise Oversight (Ofheo), has withdrawn his name from consideration for the post. Brickell formally requested President George Bush withdraw his name from the candidacy in a letter to the White House this week.Senator Shelby said in a statement the move was in response to legislation being planned by the Senate Banking Committee that would make the post redundant. “I can certainly understand why Brickell would choose to withdraw his name from consideration to head an agency that will likely be abolished,” he added.
Brickell’s experience in derivatives includes 25 years in the swaps group at JP Morgan Chase. He also served as the chairman of the International Swaps and Derivatives Association.
The news coincides with the US' largest mortgage agency, Fannie Mae, revealing its exposure to derivatives contracts more than doubled in 2003, to hit $7.1 billion on December 31.
More on Regulation
ABA calls for better ways to compare bank capital between countries
US regulator will pursue a quicker route to exempt foreign CCPs
ECJ decision means new problems for data preservation
Discussion crystallises over regulatory streamlining
Sign up for Risk.net email alerts
Sponsored video: Tradeweb
Multifonds talks to Custody Risk on being nominated for the Post-Trade Technology Vendor of the Year at the Custody Risk Awards 2014
Sponsored webinar: IBM Risk Analytics
Nominated for two technology awards
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.