WASHINGTON -- President Clinton said he will nominate Richard Carnell, a former congressional staffer and Federal Reserve attorney, to be assistant secretary of the Treasury for financial institutions.
Mr. Carnell, as senior counsel to the Senate Banking Committee, had a major influence on financial legislation such as the Competitive Equality Banking Act of 1987 and a 1988 bill that would have repealed the Glass-Steagall Act's separation of commercial and investment banking. The latter bill passed the Senate but not the House.
"Richard Carnell has been consistently recognized for his expertise in banking law and his ability to help shape policy decisions," President Clinton said in a statement.
"I think he would favor Glass-Steagall repeal," Kenneth A. McLean, the former banking committee staff director who hired Mr. Carnell.