Trustees Chair Robert Steel To Be Nominated for Treasury Undersecretary Post
The undersecretary leads Treasury Department policy on a number of economic and fiscal issues
President George W. Bush intends to nominate Robert Steel, the chair of the Duke University Board of Trustees, to be undersecretary of the treasury for domestic finance, the White House announced late Tuesday.
The undersecretary leads Treasury Department policy on issues of domestic finance, fiscal policy, fiscal operations, government assets, government liabilities and related economic and fiscal matters.
"Bob will bring wisdom and an extraordinary range of knowledge to this important position, and the country should be grateful for his willingness to render this significant public service," said Duke President Richard H. Brodhead.
Steel, a native of Durham, retired as vice chairman of Goldman Sachs & Co. in New York City in February 2004 and currently serves as advisory director for the firm. He teaches at Harvard's Kennedy School of Government and serves with organizations that include the National Humanities Center, The After-School Corp. and the Aspen Institute.
If confirmed, Steel will continue to chair the Duke board of trustees.
"Bob made it a condition for his acceptance of the post that he be allowed to continue to chair the Duke University Board of Trustees," said Brodhead, who noted that a previous chair of Duke's board, John Koskinen, continued to hold that position after being named deputy director of the Office of Management and Budget during the Clinton administration.
Steel received his bachelor of arts degree from Duke in 1973, majoring in history and political science, and earned his master's in business administration from the University of Chicago in 1984. He has maintained strong ties with Duke through activities that include chairing the Duke Management Company and serving on the trustees' academic affairs committee and on the health system board of directors.
Steel and his wife, Gillian, have three daughters and live in Greenwich, Conn. He grew up near Duke's East Campus and attended Durham public schools before enrolling at Duke.
A White House news release with additional information on the nomination is available at <http://www.whitehouse.gov/news/releases/2006/09/20060905-10.html>.