Bloomberg News reported today on the uber competency of former T. Rowe Price exec and current Treasury honcho Mary Miller and the critical role the Guilford mom is playing juggling the Volcker rule with the housing overhaul:
Mary Miller knows all about risk.
As an executive at T. Rowe Price during the 2008 financial crisis, she reassured worried bond traders and portfolio managers when a competitor, the $62.5 billion Reserve Primary Fund, failed after investing in the debt of Lehman Brothers Holdings Inc.
“It is not a small lift to say we are going to reform housing finance credit going forward,” said the U.S. Treasury’s Mary Miller, calling it a “fascinating exercise.”
Four years later, Miller is the U.S. Treasury official coordinating five agencies that are writing the Volcker rule intended to limit risk at banks. Regulators are now taking a closer look following JPMorgan Chase’s trading loss of at least $5.8 billion and analyzing whether the trade would have been allowed if the rule had been in place.