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Reporting and analysis from ABC News Chief Washington Correspondent and "This Week" Host George Stephanopoulos

George Stephanopoulos reports on events in politics, Congress and the White House for ABCNews, on the air and online. He interviews top newsmakers, discusses the events of the week and looks to the week ahead each Sunday on 'This Week.'

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H. Rodgin Cohen Likely for Treasury Deputy

March 09, 2009 7:09 PM

H. Rodgin Cohen, a partner in the New York law firm Sullivan & Cromwell LLP, is likely to be officially nominated for Deputy Secretary of Treasury this week.

He's been a counsel to just about every major player on Wall Street.

Senate sources worry Cohen's nomination might be complicated by his work for blue-chip Wall Street clients. The experience that enhances his ability to do the job might also make it harder for him to get it.

But an administration official conceded to me last week that "it's not easy to find qualified people who don't have conflicts."

Last week Annette Nazareth, expected to be nominated as Deputy Treasury Secretary, withdrew from consideration.

Nazareth faced resistance on Capitol Hill for being "too lax a regulator" at the SEC, Democratic sources said.

The candidate for Undersecretary for International Affairs, Caroline Atkinson, was told she had to withdraw after a "tax problem" was revealed early in the vetting process, according to officials.

Obama administration officials have pushed back hard at critics who argue that failure to fill key Treasury Department positions is hampering their response to the economic crisis.

Obama administration economics adviser Paul Volcker has called the staffing problems "shameful."

"There is an area that I think is, I don't know, shameful is the word," Volcker said at a Joint Economic Committee hearing on Feb. 26.

"The Secretary of the Treasury is sitting there without a deputy, without any undersecretaries, without any, as far as I know, assistant secretaries in substantive areas at a time of very severe crisis. He shouldn't be sitting there alone. Now various things have contributed to this, I guess, including vetting procedures, but it really is an unfortunate situation," Volcker said.

While some Democrats in Congress are worried that work is falling through the cracks, Treasury officials insist all essential work is getting done.

--George Stephanopoulos

March 9, 2009 in Barack Obama, Capitol Hill, The Economy | Permalink | Share | User Comments (13)

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They need to fill all the treasury spots in the next 2 weeks.

Posted by: Sara | Mar 9, 2009 7:37:57 PM

George,

How come we don't hear about adult stem cell research and the cures that it has produced??

Posted by: Gardner Hussey | Mar 9, 2009 8:11:33 PM

Ron Paul
Gerald Celente
Peter Schiff
Jim Rogers

Posted by: Huh | Mar 9, 2009 9:59:33 PM

Did you get this from that call from Rahm Georgie?

Posted by: Obama-cabinet of corruption | Mar 9, 2009 10:07:21 PM

PM Brown gave two symbolic gifts and one that expressed national pride. Brown came bearing a pen holder carved from the timbers of the sister ship of that which gave the wood to create the famous "Resolute Desk," the desk that has been in America's charge since 1880. He also gave Obama the framed commission for that famous ship, the HMS Resolute. His third gift was a seven-volume biography of one of England's greatest leaders, Winston Churchill
GUESS WHAT OUR OBUMA GAVE HIM
So, what did President Obama give the British PM? 25 movies on DVD. Yeah, that's it. Brown gives a symbolic gift like the pen holder fashioned from a famous British warship and Obama responds by sending a staffer to WalMart to pick up a few quick movies.

Posted by: david reyes | Mar 9, 2009 10:40:52 PM

The entire British press is up in arms. Many in Britain are seeing this as entirely gauche and indicative of the low esteem in which the Obama's hold England.

Worse, no one is 100% sure that Obama was smart enough to know that DVDs made in America don't play on European DVD players. American DVDs are created in the "Region One" format while those in Europe play in "Region Two" format. A U.S. DVD just won't play on a machine made for the English market.

Not to be out done in tastelessness by her husband, Michelle got into the act, too. Mrs. Brown came bearing two outfits for the Obama girls from Topshop, one of Britain's trendiest and expensive women's wear retail outlets.

In return, Michelle apparently had a staffer run down to the White House gift shop and grab two toy Marine One helicopter models for the Brown's boys

Posted by: david reyes | Mar 9, 2009 11:03:38 PM

If people expect President Obama to get things done, look at the republican party. They are waiting like sharks to tear into Obama's nominations for positions. It is pathetic how the GOP who have brought America nothing but great harm these last eight years, think they will improve their lot if they continue to ruin our country. These people are no-good unpatriotic saps who don't deserve to be in our government.

Posted by: Vicki | Mar 9, 2009 11:21:05 PM

If people expect President Obama to get things done, look at the republican party. They are waiting like sharks to tear into Obama's nominations for positions. It is pathetic how the GOP who have brought America nothing but great harm these last eight years, think they will improve their lot if they continue to ruin our country. These people are no-good unpatriotic saps who don't deserve to be in our government. _____________ Vicki, Vicki, Vicki. I suppose we are just supposed to let anyone in just to fill the position?? With the nominee track record so far I would say that we should look even closer at these folks. Do you want cheats in charge of your money?? Democrats! can't live with them .........

Posted by: JimOnTheRight | Mar 10, 2009 12:36:49 AM

To find a tea party in your area, go to
taxdayteaparty.com

Please let this comment stand. Thank you.

Posted by: Michelle | Mar 10, 2009 1:07:19 AM

David Reyes, you've belabored the point about the British PM and his presents by posting the same comment on multiple threads.

Mr. Brown was much more understanding of the fact that the neither President nor Mrs. Obama were expecting an exchange of gifts (This is typically done only by heads of state, which, in the case of the UK, would be the monarch) and so the Obama's were ill-prepared to reciprocate, having virtually no prior notice.

As for the British press, they are largely a bunch of tabloids that get riled up for weeks on end about Posh Spice's shopping sprees. The more respected broadsheets realize that the Prime Minister and President Obama had more serious matters to discuss than CD's or pen holders.

Posted by: H.M. | Mar 10, 2009 3:58:44 AM

H.M.,

Thank you! You took the words right out of my mouth. The 'panties in a bunch' crew gets off on some silly mess, don't they?! Oddly, they never notice that nobody else cares about such nonsense. We'd prefer to have the treasury department staffed.

Posted by: Common Sense | Mar 10, 2009 4:52:30 AM

We got no lobbist ,We got no lobbyer, We got an unemployed ex-lobbist, So see the stimulus works. See Obama is the best he will make the grass sprout soon you will see. Already the sun rises earlier to greet him, he has power he won the election.

Posted by: liberaltiger | Mar 11, 2009 9:00:26 AM

I emailed GS and informed ABC that I found articles that said H.Rodgin Cohen and his firm were in a law suit accusing of Sexual harassment of a gay associate.

If you go to Above the Law and put his name in you can read for yourself.

Posted by: kaz | Mar 12, 2009 8:43:50 PM

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