The Obama administration said Monday that it has nominated Michael Barr to be the Treasury Department's assistant secretary for financial institutions.

The job is one of the most senior Treasury financial services positions to generate a nomination. The administration has yet to announce its choice for undersecretary of domestic finance.

Barr was a special assistant and deputy assistant for community development policy under then-Treasury Secretary Robert Rubin and was a special adviser to then-President Clinton. Barr teaches finance and law at the University of Michigan.

The administration also nominated George Madison to be the Treasury's general counsel. Madison is the former executive vice president and general counsel of TIAA-CREF.

Barr's predecessor, David Nason, is joining Promontory Financial Group as a managing director. During his time at the Treasury, Nason was a key writer of the Bush administration's regulatory restructuring blueprint.

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