June 28, 2011 / 5:07 AM / 6 years ago

Top housing, regulation official to leave US Treasury

WASHINGTON, June 27 (Reuters) - One of the Obama administration's top officials in charge of reordering the financial system and reducing government's role in the housing market is leaving, a Treasury official said on Monday.

Jeffrey Goldstein, Treasury's under secretary for domestic finance, will leave the department at the end of July and return to New York to be with his family, the official said.

His departure comes as Treasury and regulators race to implement the dozens of financial reforms, including a new set of rules for the estimated $600 trillion over-the-counter derivatives market.

As under secretary, Goldstein helped work on the council of U.S. regulators' controversial proposal to label certain nonbank financial companies if they pose a threat to the financial system.

The so-called Financial Stability Oversight Council, which is chaired by Treasury Secretary Timothy Geithner, is due to meet in July. The Council is still working on more criteria that will determine whether a nonbank, such as a hedge fund or mutual fund, could destabilize the financial system.

Goldstein, a former managing director of the World Bank, was also instrumental in crafting policy to cut government support in the housing market and to wind down the government's mortgage buyers Fannie Mae and Freddie Mac .

(Reporting by Rachelle Younglai; Editing by Ramya Venugopal)

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