Some old Democratic hands are rounding up financial advisers for Vice President Al Gore.
Orin Kramer, general partner in the Boston Provident Partners investment firm in Fort Lee, N.J.; former Comptroller of the Currency Eugene Ludwig; and H. Rodgin Cohen, a partner in the law firm of Sullivan & Cromwell, recently started assembling an informal advisory group on banking, insurance, and securities issues, sources involved in the effort said.
Their goal is to bring together about a dozen industry executives and policy wonks to sketch out financial services policies for a Gore administration, if the Vice President defeats Gov. George W. Bush of Texas in November.
It is unclear who will join this financial kitchen cabinet, but expect Jamie Dimon - chairman and chief executive of Bank One Corp. and a Gore supporter - to be involved or at least send a lieutenant. The same goes for Citigroup chairman and chief executive Sanford I. Weill.
The leaders of this group are having a reunion of sorts. Mr. Kramer, Mr. Ludwig, and Mr. Cohen were part of the 1992 banking transition team when President Clinton came to office.
Mr. Kramer, a major Democratic fundraiser, was the top banking policy staff member in the Carter administration. Besides being a former regulator, Mr. Ludwig has been advising the Gore campaign on financial issues, and Mr. Cohen, the top-notch regulatory expert, is a strong Gore backer.
Sen. Robert Torricelli, D-N.J., introduced a bill Wednesday that would give municipal deposits 100% federal insurance coverage.Community bank activists immediately applauded the bill, the latest of several proposing some type of deposit insurance reform. Though the bill falls far short of their deposit insurance demands, 100% coverage is one of their most sought after changes.
"This type of bill sends a message to Sen. Phil Gramm, [Fed] Chairman Alan Greenspan, and Treasury Secretary Lawrence Summers," said Kenneth A. Guenther, executive vice president of the Independent Community Bankers of America. "Municipal deposits are the people's money and should be protected."
Sen. Jim Bunning, R-Ky., a member of the Senate Banking Committee, is back to work and approaching full recovery after surgery last month to remove his gall bladder, along with a benign tumor from his adrenal gland.
Prudential Insurance Co. has hired Rex Wackerle, Bank of America's senior vice president of federal government relations, to succeed the retiring Tom O'Hara as vice president for federal affairs.Bank of America has promoted Jeanne-Marie Murphy to succeed Mr. Wackerle.
The Office of the Comptroller of the Currency has named Nancy A. Wentzler deputy comptroller for global banking and financial analysis. Ms. Wentzler became acting deputy comptroller in June. She joined the OCC in 1994 as director of the economic analysis division.
Cheryl Tates Macias has been named chief operating officer of the Farm Credit Administration, filling a post vacant for three years.Ms. Macias was special assistant to the President and associate director of the White House office of presidential personnel.
Hal C. DeCell 3d was named director of the credit agency's office of congressional and public affairs. Mr. DeCell was assistant secretary for congressional and intergovernmental relations in the Department of Housing and Urban Development.