Richard S. Carnell, assistant secretary of financial institutions at the Treasury Department, plans to depart the federal government this summer to join the law school faculty of Fordham University in New York, government officials said Wednesday.

Mr. Carnell has served as assistant secretary since 1993; previously he was senior counsel to the Senate Banking Committee.

It is unclear why Mr. Carnell decided to leave, but he was reportedly passed over for a promotion when President Clinton nominated Gary Gensler to succeed John D. Hawke Jr. as under secretary of domestic finance.

As assistant secretary, Mr. Carnell is one of the administration's top banking policymakers and is Treasury's liaison to Capitol Hill on financial reform.

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