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Washington

Trump nominates first assistant secretary of the Treasury for investment security

The U.S. Treasury Department stands in Washington, D.C., U.S.

President Donald Trump has nominated Thomas P. Feddo to be the first assistant secretary of the Treasury for investment security, the White House announced.

The position was created under the Foreign Investment Risk Review Modernization Act of 2018.

Mr. Feddo is deputy assistant Treasury secretary for investment security and runs the day-to-day operation of the Committee on Foreign Investment in the United States, an interagency committee that reviews certain investments to identify and address any effects on national security that may arise from the transactions.

Mr. Feddo's new position gives Treasury its first assistant secretary devoted to CFIUS, noted Judith Alison Lee a Washington-based partner and co-chair of Gibson Dunn & Crutcher's international trade practice group.

Ms. Lee described Mr. Feddo as professional and effective in his current role. "We're very hopeful that this is a really good nomination and it's going to really improve the (CFIUS review) process," she said.

Previously, Mr. Feddo was a partner at the law firm of Alston & Bird, where he was a member of the firm's international trade and regulatory group in Washington.

His nomination to the new post requires Senate approval and has been sent to the Senate Banking Committee.