Bush's financial institutions point person leaves administration

WASHINGTON-As of Sept. 5, Philippa “Pippa” Malmgren, special assistant to the President for economic policy, is resigning her post. CUNA and NAFCU had both met with her to discuss credit union issues with the White House. “We were very fortunate that someone of her caliber and enthusiasm and intelligence held that position. She was truly one of the most inclusive people we have met with at the White House,” CUNA Associate General Counsel Mary Dunn said, and wished Malmgren the best of luck in her future endeavors. She was invited to a farewell party for Malmgren. NAFCU Senior Vice President and General Counsel Bill Donovan also expressed the credit union community’s gratitude to Malmgren. “Pippa will be missed. NAFCU has had the opportunity to work with her on a number of issues since the Bush administration took office. While Pippa maintained a low profile, she was extremely effective in maneuvering through the back doors of government,” he commented. Between former Assistant Treasury Secretary for Financial Institutions Sheila Bair’s departure, and now Malmgren’s, Dunn admitted that credit unions will have some catch up work to do once the positions are filled. Senate Banking Committee Ranking Member Phil Gramm (R-Texas) staffer Wayne Abernathy has been nominated for Bair’s position. Malmgren plans to launch a consulting firm, the Canonbury Group, specializing in advising fund managers on international politics and policies, raising funds for alternative investments, and managing assets. Malmgren worked on President George W. Bush’s corporate governance plan, anti-money laundering regulations, government sponsored enterprise policy, as well as small business and banking issues, the Banker reported. A successor has not yet been named. She has been a member of the National Economic Council since February 2001.