Trump Treasury nominee withdraws amid concern over finances

- Mei 10, 2018

Adam Lerrick has withdrawn as President Donald Trump’s nominee for assistant Treasury secretary for international finance, after languishing for more than a year without Senate confirmation.

Lerrick, a visiting scholar at the American Enterprise Institute and a former investment banker, has extensive experience in dealing with sovereign debt crises in countries like Greece, Iceland and Argentina.

No reason was given for Lerrick’s withdrawal, but a person familiar with the matter said Senate Finance Committee members had raised concerns about his ties to the Argentine Bond Restructuring Agency, the largest group of foreign investors in Argentina’s debt when the country defaulted.

Lerrick served as ABRA’s lead negotiator in the South American nation’s restructuring.


According to an article by the Irish Times, ABRA had set up a special purpose vehicle in Dublin to hold the bonds before the restructuring, with three charitable trusts listed as its shareholders, including an Irish children’s charity.

When reached by POLITICO, Lerrick directed questions to the department’s press office about why he had withdrawn and whether he would remain as a counselor to Treasury Secretary Steven Mnuchin. A Treasury spokeswoman did not respond to requests for comment.

Trump announced his intent to nominate Lerrick on March 14, 2017.


 

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