What Happened?
Cleveland, OH-based U.S. Department of the Treasury has announced the Resignation of George Madison as General Counsel
About the Company
The Treasury Department is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States. The Department is responsible for a wide range of activities such as advising the President on economic and financial issues, encouraging sustainable economic growth, and fostering improved governance in financial institutions. The Department of the Treasury operates and maintains systems that are critical to the nation`s financial infrastructure, such as the production of coin and currency, the disbursement of payments to the American public, revenue collection, and the borrowing of funds necessary to run the federal government. The Department works with other federal agencies, foreign governments, and international financial institutions to encourage global economic growth, raise standards of living, and to the extent possible, predict and prevent economic and financial crises. The Treasury Department also performs a critical and far-reaching role in enhancing national security by implementing economic sanctions against foreign threats to the U.S., identifying and targeting the financial support networks of national security threats, and improving the safeguards of our financial systems.
About the Person
George Madison served as the general counsel of the Department of the Treasury from September 2009 through June 2012. He was appointed to this role by President Obama and confirmed unanimously by the U.S. Senate. As general counsel, Mr. Madison was the chief law officer of the Treasury Department and a senior policy advisor to the Secretary of the Treasury, Timothy F. Geithner. He was highly involved in the formulation of the Dodd-Frank legislation, as well as many of the related regulations that have since been implemented under this legislation. Mr. Madison also oversaw the Treasury Department’s legal division made up of approximately 2,000 lawyers and 1,600 staff within the Treasury Department’s headquarters, the Internal Revenue Service, the Alcohol and Tobacco Tax and Trade Bureau, the Bureau of the Public Debt, the Financial Management Service, the Office of Foreign Assets Control, the Financial Crimes Enforcement Network, Community Development Financial Institutions Fund, the United States Mint, and the Bureau of Engraving and Printing. Between April and September 2009, Mr. Madison served as counselor to Treasury Secretary Geithner pending his confirmation as general counsel. Prior to his role at the Treasury Department, Mr. Madison was the executive vice president and general counsel of the Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF), where the corporate governance and compliance functions reported to him in addition to the legal division. He also served as legal advisor to its three boards of trustees and overseers. Before this he served as executive vice president, general counsel and corporate secretary at Comerica Incorporated. Previously, Mr. Madison was a partner at a global law firm where he focused his practice on banking and structured finance law on behalf of foreign and domestic money center banks. Early in his career he was a summer associate at the former Brown & Wood, which is now Sidley Austin LLP. Mr. Madison has participated in various programs related to the U.S. financial system and the financial crisis at the New York University’s Stern School of Business and Columbia Law School. He also has lectured on complex financial instruments, including collateralized debt obligation, collateralized loan obligation and derivatives. Earlier in his career, Mr. Madison served as a law clerk to the Honorable Nathaniel R. Jones at the U.S. Court of Appeals for the Sixth Circuit in Cincinnati. He has also been the recipient of numerous awards. Mr. Madison gave the keynote address at the 2011 Columbia Law School commencement ceremony and in 2012 was honored by Columbia Law School with the Lawrence A. Wien Award for Social Responsibility. He also received the Treasury Department’s Alexander Hamilton Award, which is the highest award that the Treasury Department can give.
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