Sources: Treasury's Fisher to Resign

WASHINGTON -- Peter Fisher, who has been the Treasury Department’s undersecretary for domestic finance since August 2001, will leave his post before year-end and be replaced by Kenneth Leet, a managing director at Goldman Sachs Group Inc., Blooomberg News reported Wednesday citing people familiar with the situation.

During his 23 months in the Bush administration, Fisher was involved in some of the most important events affecting markets, including the elimination of the 30-year bond, and efforts to restart bond and stock trading following the Sept. 11 terrorist attacks.

“This could make way for the return of the long bond, as it would become politically viable for the administration to bring it back, since Mr. Fisher was adamant about keeping it in retirement,'' said Joseph LaVorgna, a senior economist at Deutsche Bank Securities, one of 22 primary dealers who buy and sell securities directly with the Federal Reserve.

A 47-year old registered Democrat who downplays his party affiliation, Fisher spent 15 years at the New York Federal Reserve Bank before becoming restless and surprising some in political and financial circles with his shift to the Bush administration.
Bond Decision.

-- NYSSCPA.org News Staff

Posted on 7/9/03