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U.S. Deputy Treasury Secretary to step down in August

23 July 2013 18:31 (UTC +04:00)

Baku-APA. U.S. Deputy Treasury Secretary Neal Wolin will leave his post at the end of August after more than four years of service, the Treasury Department announced on Tuesday, APA reports quoting Xinhua.

A former president with Hartford Financial Services Group, Wolin was confirmed as Deputy Treasury Secretary in May 2009 and is the longest-serving Deputy Secretary in the Treasury Department's history. He led the Treasury's efforts on financial regulations.

Prior to that, Wolin was Deputy Assistant to the President and Deputy Counsel to the President for economic policy.

U.S. President Barack Obama said he was grateful for the role Wolin has played. "For more than four years, Neal has played a key role on my economic team. His deep knowledge and excellent judgment helped us prevent a second Great Depression, pass tough new Wall Street reform, strengthen our financial system, foster growth here at home, and promote economic development around the world," Obama said in a statement.

"Neal's wise counsel has been indispensable to me, and because of his tremendous insight and analysis, we are in a far stronger position today to continue the critical work ahead," said the Treasury Secretary Jacob Lew.

Reports said Wolin mulls options outside government.