Tierney L. Cross/Bloomberg
The Senate confirmed a Banking Committee aide to one of the top bank oversight positions in the Treasury Department.
Luke Pettit, currently
Pettit, whose nomination was advanced out of the Senate Banking Committee on a strong bipartisan basis, picked up 17 Democrats for the confirmation vote. Sen. Dave McCormick, R-Pa., missed the vote.
As assistant secretary of financial institutions, Pettit will play a key role in shaping policies around banks, government-sponsored enterprises and other firms in the financial sector. Treasury Secretary Scott Bessent has called for the agency to play a
During his
“We need to avoid the outcome of having regulators tell institutions different things,” he said. “The objective is to ensure that there isn’t uncertainty as to which rules to follow.”
Pettit will replace Stephen Seitz, who has held the assistant secretary position on an interim basis since President Donald Trump took office in January. Before that, the seat was held by another acting official, Laurie Schaffer, who served in that capacity for much of President Joe Biden’s final year in office.
The last confirmed assistant secretary for financial institutions was Graham Steele.
Other notable officials to have held the position in the past include Fed Chair Jerome Powell, who served under President George H.W. Bush; Bank Policy Institute President and CEO Greg Baer, who served under President Bill Clinton; former Federal Deposit Insurance Corp. Chair Sheila Bair, who served under President George W. Bush, and Fed Gov. Michael Barr, who served under President Barack Obama.
Pettit’s nomination advanced out of the Senate Banking Committee in April but remained on the backburner for the broader Senate until last week when it was considered in an executive session.
A cloture vote — a procedural vote to limit debate about an issue — passed with the necessary 60 votes yesterday, setting up for today’s final confirmation.
Pettit’s nomination has drawn support from some top Republicans in the Senate, including Sen. Tim Scott, R-S.C., who chairs the Banking Committee.
“Luke brings a wealth of experience and a deep understanding of our financial system, honed through his service on the Senate Banking Committee, and in his role as a Senior Policy Advisor for Senator Hagerty, and he’s worked in the private sector,” Scott said in a written statement in May. “Luke is a servant-leader who understands the difficult challenges facing American families and businesses.”
A Washington, D.C. resident, Pettit’s work experience includes analyst stints at the Federal Reserve Bank of San Francisco and the Federal Reserve Board in Washington. He also worked as a research associate for the investment firm Bridgewater Associates and as an economist for the Senate Banking Committee. He took on his current role as a senior policy advisor in 2022.
Pettit has an undergraduate degree from the University of Pennsylvania, master’s degrees in economics from the London School of Economics and Johns Hopkins University, and doctorate in economics from George Mason University.