(Adds background about her role)
WASHINGTON, June 12 Mary Miller, the U.S.
Treasury's top official for domestic finance and a key player in
implementing the Dodd-Frank Wall Street reforms, will step down
in early September, Treasury said on Thursday.
As Treasury undersecretary for domestic finance, Miller was
also effectively custodian of the country's public debt,
operating largely behind the scenes in Washington power battles
over the debt ceiling, the statutory limit on the nation's debt.
"For over four years, Mary has worked tirelessly on behalf
of the American people, leading our department's efforts to
tackle some of the most difficult challenges facing our
country," Treasury Secretary Jack Lew said in a statement.
"I know that our country is far better off for all that she
has accomplished," he said.
During political fights in Washington over whether to raise
the debt limit, Miller traveled around the world to reassure
foreign debt holders the United States would not default on its
obligations. She also tried to predict what might happen if
Congress failed to raise the debt ceiling.
On the financial regulatory front, Miller was one of the
leading players in setting up the Financial Stability Oversight
Council, a panel of regulators created by the 2010 Dodd-Frank
law tasked with policing the market for emerging risks. The
panel has the power to designate large financial firms as
"systemic" - a tag that subjects them to tougher regulations.
In that role, she was involved in designating large firms
including GE Capital, AIG and Prudential.
Last month, Miller helped organize and run a public meeting to
explore if the activities of large asset managers may pose
market risks, which the industry heavily protested.
Miller became undersecretary in March 2012 after serving as
assistant secretary for financial markets, responsible for
managing public debt. Miller also spent 26 years at the
investment firm T. Rowe Price Group Inc, where she was a member
of the management committee.
A source familiar with Miller's thinking said she has not
yet decided her future plans. But she wanted to announce her
departure now to give the administration plenty of time to fill
her role, said the source, who spoke on condition of anonymity.
(Reporting by Timothy Ahmann and Sarah Lynch, additional
reporting by Anna Yukhananov; Editing by James Dalgleish,
Meredith Mazzilli and Chizu Nomiyama)