Trump pick for ambassador to Italy, another Goldman alumnus

Markets Associated Press

President Donald Trump will nominate Lew Eisenberg, a major Republican fundraiser, to serve as the next ambassador to Italy.

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Eisenberg, a partner at Goldman Sachs from 1966 to 1989, ran the Republican National Committee's joint fundraising operations with Trump's campaign.

He is the latest alumni of the Wall Street powerhouse to be chosen by Trump. Others include Treasury Secretary Steven Mnuchin, Gary Cohn, a top White House economic adviser, and Dina Powell, a deputy national security adviser. Jay Clayton, the new chairman of the Securities and Exchange Commission, did significant legal work for Goldman Sachs as a private attorney in New York.

Active in New Jersey Republican circles, Eisenberg headed the Port Authority of New York and New Jersey from 1995 through 2001. During that time, the agency oversaw the rebuilding of the World Trade Center after a 1993 bombing, before the towers were destroyed on the Sept. 11, 2001.

Eisenberg left Goldman Sachs to found Granite Capital International Group in 1990. He has a bachelor of arts degree from Dartmouth College, an MBA from Cornell and a law degree from Monmouth University.

Eisenberg was one of several nominees the White House announced late Monday.

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The White House also announced Trump intends to nominate former Treasury official Randal Quarles to the Federal Reserve board as vice chair for supervision. That will give him a key role in guiding the administration's efforts to roll back what Trump has criticized as over-zealous bank regulations put into effect under the Dodd-Frank Act of 2010.

If approved by the Senate, Quarles, 59, will take over the role being handled during the Obama administration by Daniel Tarullo, although he was never formally nominated for the position. While Tarullo was a champion of the Dodd-Frank law, passed by Congress to crack down on risky banking practices blamed for the 2008 financial crisis, Quarles has been more critical, contending they had gone too far and restricted banks' ability to make loans to spur the economy. Still, he is seen as a more moderate choice for the Fed post than some more ideological candidates that the Trump administration had considered.

Quarles currently heads the Cynosure Group, a Salt Lake City-based investment firm that he co-founded. He was previously a partner in the Carlyle Group, one of the world's largest private equity firms.

He served in key financial positions at Treasury during the administrations of both Presidents George H.W. Bush and his son George W. Bush.

Trump has also chosen Wisconsin businessman Stephen King to serve as U.S. ambassador to the Czech Republic.

The nominations must be confirmed by the Senate.