President-elect Barack Obama named Georgetown University Law School Professor Daniel Tarullo to lead his group of economic advisers during the transition period.
Prof. Tarullo is well versed in banking regulation and has been critical of the Basel II capital rule's development.
"The net result of this experience with subpri me ought to be that the bank regulatory agencies go back and back-test all those models that the banks have been running to see how they held up," he told American Banker in September 2007, as the financial crisis began unfolding.
During the Clinton administration, Prof. Tarullo was the assistant secretary of state for economic and business affairs, the deputy assistant to the president for economic policy, and assistant to the president for international economic policy.
He was also Mr. Clinton's personal representative to the G7/G8 group of industrialized nations and has worked as a professor at Harvard Law School and on the staff of Sen. Edward Kennedy, D-Mass.