Mary Miller Leaving Treasury

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WASHINGTON — Mary Miller, Treasury's Under Secretary for Domestic Finance who has played a key role in issues effecting the municipal market, plans to leave the department in early September, a spokesperson said on Thursday.

Her impending departure was announced inside the Treasury and was first reported by the Wall Street Journal.

Miller was very involved in regulatory reform and pushed the Securities and Exchange Commission and banking agencies to reach agreement on the Volcker Rule. The muni market was able to convince the regulators to exempt municipal securities from the rule, but tender option bonds remain within its scope.

She monitored Puerto Rico, assuring municipal market participants at a Bloomberg conference held earlier this year that the federal government has no plans to provide direct funds to Puerto Rico, but will give any assistance it can on fiscal management.

When President Obama was criticized by state and local officials for proposing to reduce the value of tax exemption by 28%, she told them the administration would work with them on the challenges of infrastructure spending and sequestration cuts.

She also gave a speech in April 2012, questioning whether state and local housing finance agencies could continue to be viable in a post-recession economy.

"For over four years, Mary has worked tirelessly on behalf of the American people, leading our department's efforts to tackle some of the most difficult challenges facing our country," said Treasury Secretary Jack Lew. "From the debt limit debates and the intricacies of debt management to financial reform and housing reform, Mary has been committed to strengthening our country, improving our financial system and lifting obstacles for working Americans," he said. "Mary is highly respected inside the Treasury and across the financial services and investor communities for her deep knowledge, sound judgment, and expertise. I have valued Mary's wisdom and counsel and I know that our country is far better off for all that she has accomplished."

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