Facing Opposition, Nominee for Treasury Under Secretary Withdraws
Antonio Weiss, a senior investment banker at financial advisory and asset management firm Lazard, has withdrawn his name from consideration as under secretary of the Treasury for domestic finance in the face of staunch liberal opposition. Weiss will instead serve as a counselor to Secretary of the Treasury Jacob Lew. Weiss' nomination ran into a wall of congressional resistance led by Sen. Elizabeth Warren (D- Mass.), who opposed the nomination of a Wall Street executive to a post that oversees Dodd-Frank regulations. Lazard’s work helping Burger King acquire the Canadian chain Tim Hortons, then move its headquarters abroad, presented the greatest obstacle to the nomination. Weiss' new Treasury post, counselor to the secretary of the Treasury, will not require confirmation hearings.