Stuart A. Levey

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Stuart Levey
Stuart Levey.jpg
United States Secretary of the Treasury
Acting
In office
January 20, 2009 – January 26, 2009
PresidentBarack Obama
Preceded byHenry Paulson
Succeeded byTimothy Geithner
Under Secretary of the Treasury for Terrorism and Financial Intelligence
In office
July 20, 2004 – June 30, 2011
PresidentGeorge W. Bush
Barack Obama
Preceded byPosition established
Succeeded byDavid S. Cohen

Stuart A. Levey was the first Under Secretary for Terrorism and Financial Intelligence within the United States Department of the Treasury. He was sworn in on July 21, 2004 as a political appointee of President George W. Bush. President Barack Obama asked Levey to remain in his position and Levey was one of only a small number of Senate-confirmed Bush appointees who served in the Obama Administration.

Education and Career[]

Stuart Levey grew up in a Jewish family[1] near Akron, Ohio, where his father had practiced dentistry. Levey attended Harvard College, graduating summa cum laude in 1986, and in 1989 he graduated magna cum laude from Harvard Law School.[2] After law school, Levey clerked for Judge Laurence Silberman on the U.S. Court of Appeals for the D.C. Circuit from 1989 through 1990.[2]

Prior to joining the Justice Department in 2001, Levey spent 11 years in private practice at the Washington law firm Miller, Cassidy, Larroca & Lewin LLP (which merged into Baker Botts LLP). He had a litigation practice with a special emphasis on white collar criminal defense.[2]

Beginning in 2001, Levey served in several senior positions in the U.S. Department of Justice, including as Principal Associate Deputy Attorney General for Deputy Attorney General Larry Thompson and Deputy Attorney General James Comey.[3] In that role, Levey was the Deputy Attorney General's primary advisor for coordinating the Department's counterterrorism and national security activities, including investigations, intelligence collection and prosecutions. Prior to serving in that role, Levey was an Associate Deputy Attorney General and Chief of Staff to the Deputy Attorney General.[4]

Levey was sworn in on July 21, 2004 as the Under Secretary of Terrorism and Financial Intelligence at the U.S. Department of the Treasury in the administration of President George W. Bush. President Barack Obama asked Levey to remain in his position and Levey was one of only a small number of Senate-confirmed Bush appointees who served in the Obama Administration. Levey served until March 2011. He was succeeded by David S. Cohen.[5]

Levey played a central role in the efforts to combat North Korea's and Iran's allegedly illicit conduct in the international financial system.

In January 2012, Levey joined HSBC as the bank's Chief Legal Officer.[6]

In August 2020, he became CEO of the Diem Association.[7]

Acting Treasury Secretary[]

On January 15, 2009 President-elect Barack Obama designated Levey to serve as Acting Treasury Secretary until Obama nominee Timothy Geithner was confirmed to the post.[8] Geithner was confirmed on January 26.[9]

Under Secretary for Terrorism and Financial Intelligence[]

As the first Under Secretary of the Treasury for Terrorism and Financial Intelligence, from July 2004, Levey was responsible for creating a new office to lead the Treasury Department's revitalized post-9/11 national security mission. Levey is credited with developing and executing financial strategies to counter threats to U.S. national security and protect the integrity of the international financial system.[10][11] He has also been recognized for his efforts in leading the U.S. government's efforts to disrupt financial networks supporting terrorist organizations; developing and implementing financial measures against proliferators of weapons of mass destruction; and playing a central role in U.S. strategies to pressure the regimes in North Korea, Iran and elsewhere.[12][13][14][15][16] He is credited, in particular, with designing the financial strategy that resulted in tremendous pressure on Iran's economy and its isolation from the international financial system.[17]

One of Levey's innovations was harnessing the private sector to enhance the effectiveness of governmental measures. He "led an effort to convince foreign banks to cease conducting business with Iran until that country agreed to comply with international banking standards. By showing companies and banks that doing business in Iran has financial and diplomatic repercussions, he has convinced corporations to cut off business with Iran."[18] TFI's efforts received support from both Republicans [19] and Democrats.[18][20] Levey, a Bush appointee, was asked to remain in his position by the Obama Administration.

TFI, through its economic sanctions, put pressure on countries such as North Korea, Iran,[21][22] and Libya.[23] TFI was responsible for leading the government's efforts to cut off financing to terrorist organizations such as al Qaeda, Hamas and Hezbollah. In pursuing that effort against al Qaeda, Levey focused attention on wealthy Gulf-based donors, particularly from Saudi Arabia.[24] He was once quoted as saying,"If I could somehow snap my fingers and cut off the funding from one country, it would be Saudi Arabia." No one identified by the United States and the United Nations as a terror financier has been prosecuted by the Saudis, he elaborated.[25] He later acknowledged significant improvement in the partnership between the U.S. and Saudi Arabia in targeting al Qaeda financing.[26]

He has accused Iran of facilitating missile exports to North Korea, saying Bank Sepah has been facilitating business with North Korea's chief ballistic missile-related exporter, KOMID.[citation needed] When the Department of the Treasury moved to freeze the bank accounts and financial assets of the Higher Institute for Applied Science and Technology, the Electronics Institute and the National Standards and Calibration Laboratory, he stated that Syria is using official government organizations to develop nonconventional weapons and the missiles to deliver them.[27]

In June 2006, it was revealed that counterterrorism officials had gained access to financial records from a vast international database of banking transactions involving Americans and others in the United States. In response to concerns about privacy issues, Levey said that the program "has provided us with a unique and powerful window into the operations of terrorist networks and is, without doubt, a legal and proper use of our authorities."[28]

In July 2010, he said that Anwar al-Awlaki "has proven that he is extraordinarily dangerous, committed to carrying out deadly attacks on Americans and others worldwide ... [and] has involved himself in every aspect of the supply chain of terrorism—fundraising for terrorist groups, recruiting and training operatives, and planning and ordering attacks on innocents."[29]

Chief Legal Officer, HSBC Holdings plc[]

Since January 2012, Levey has served as the chief legal officer of HSBC Holdings plc, a global bank with 257,000 employees across 67 jurisdictions and $81 billion in operating income in 2014.[30] He manages a legal department made up of more than 800 lawyers in more than 50 countries. He is also a group managing director of the firm.

Diem[]

The digital currency project of Facebook formerly titled Libra hired the subject to head the group.[31]

Criticism[]

According to The New York Times, the failure of the United States to carry out sanctions against many Iranian companies and individuals is cited by European diplomats as an example of America failing to do what it has promised. Valerie Lincy of Iran Watch has said, "The United States now lags many other countries in enforcing sanctions that the United Nations has already voted."[32] The Tehran Times wrote that the U.S. Treasury has increased pressure on foreign banks not to deal with sanctions against Iran, including performing "U-turn transactions," which allow U.S. banks to process payments involving Iran that begin and end with a non-Iranian foreign bank.[33]

In reply to Lincy's comments, Levey said that the United States has tougher sanctions on Iran than any other country. He said that because their list of organizations and individuals involved in financial crime is accurate, it is America's list that "is by and large used by financial institutions around the world."[2]

References[]

  1. ^ The Jewish Week: "Stuart Levey: The Man Trying to Make Iran Sanctions Work" by Ron Kampeas July 1, 2010
  2. ^ Jump up to: a b c d "U.S. Treasury – Biography of Stuart Levey, Under Secretary for Terrorism & Financial Crimes". Archived from the original on September 13, 2007. Retrieved September 26, 2007.
  3. ^ "HEARING BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED EIGHTH CONGRESS" (PDF).
  4. ^ "Stuart A. Levey Under Secretary for Terrorism and Financial Intelligence". Archived from the original on 2007-09-13.
  5. ^ Rogin, Josh. "David Cohen nomination back on track". Foreign Policy. Retrieved 2021-09-10.
  6. ^ "Leadership and governance | HSBC Holdings plc". HSBC. Retrieved 2021-09-10.
  7. ^ "Stuart Levey appointed as CEO | Diem Association". www.diem.com. 2020-05-06. Retrieved 2021-09-10.
  8. ^ Staff Reporter (January 15, 2009). "Levey to head U.S. Treasury temporarily: official". Reuters. Retrieved January 20, 2009.
  9. ^ Solomon, Deborah (January 26, 2009). "U.S. Senate Confirms Geithner at Treasury". Wall Street Journal. Retrieved January 26, 2009. The U.S. Senate confirmed Timothy Geithner as President Barack Obama's Treasury secretary by a 60–34 vote, paving the way for the new administration to usher in its financial-rescue plan.
  10. ^ Mann, James, The Obamians: The Struggle Inside the White House to Redefine American Power Viking, 2012, p. 191-199
  11. ^ Cheney, Dick and Cheney, Liz, Exceptional: Why the World Needs a Powerful America Simon & Schuster 2015, p. 176-179
  12. ^ "U.S. Moves to Isolate Iranian Banks". Retrieved Sep 25, 2020 – via www.washingtonpost.com.
  13. ^ www.bloomberg.com https://www.bloomberg.com/apps/news?pid=newsarchive&sid=ayYwAdhdFLME. Retrieved Sep 25, 2020. Missing or empty |title= (help)
  14. ^ "Under Secretary for Terrorism and Financial Intelligence Stuart Levey Testimony". www.treasury.gov. Retrieved Sep 25, 2020.
  15. ^ Lague, David; Greenlees, Donald (Jan 18, 2007). "Squeeze on Banco Delta Asia hit North Korea where it hurt - Asia - Pacific - International Herald Tribune". The New York Times. Retrieved Sep 25, 2020.
  16. ^ "Prepared Remarks of Stuart Levey Under Secretary for Terrorism and Financial Intelligence". www.treasury.gov. Retrieved Sep 25, 2020.
  17. ^ Wright, Robin (Oct 31, 2008). "Stuart Levey's War". The New York Times. Retrieved Sep 25, 2020.
  18. ^ Jump up to: a b Senator Ted Kaufman, Floor Speech (May 20, 2010)
  19. ^ Cheney, Dick and Cheney, Liz, Exceptional: Why the World Needs a Powerful America Simon & Schuster 2015, p. 176-179]
  20. ^ Senator Joe Lieberman, Press Release (January 24, 2011) Archived 2016-02-20 at the Wayback Machine
  21. ^ EST, Michael Hirsh On 12/11/09 at 7:00 PM (Dec 11, 2009). "Obama Prepares to Get Tough on Iran". Newsweek. Retrieved Sep 25, 2020.
  22. ^ "Written Testimony of Adam J. Szubin, Acting Under Secretary for Terrorism and Financial Intelligence, United States Department of the Treasury, to the United States House of Representatives Committee on Foreign Affairs, March 19, 2015" (PDF). Retrieved Sep 25, 2020.
  23. ^ "Subscribe to read | Financial Times". www.ft.com. Retrieved Sep 25, 2020. Cite uses generic title (help)
  24. ^ "Saudis faulted for funding terror". Los Angeles Times. Apr 2, 2008. Retrieved Sep 25, 2020.
  25. ^ "Saudis said failing to crack down on Al-Qaeda donors". Straits Times. September 12, 2007. Archived from the original on September 19, 2012.
  26. ^ "Stuart Levey". Charlie Rose. Retrieved Sep 25, 2020.
  27. ^ "U.S. Treasury moves to clamp down on Syrian entities accused of spreading weapons". International Herald Tribune. Associated Press. January 4, 2007.
  28. ^ Eric, Lichtblau; Risen, James (June 23, 2006). "Bank Data Is Sifted by U.S. in Secret to Block Terror". The New York Times.
  29. ^ Sullivan, Eileen; Lee, Matthew (July 16, 2010). "US-born radical cleric added to terror blacklist". Fox News. Associated Press. Archived from the original on April 13, 2014. Retrieved July 17, 2010. alternate URL #0[dead link]
  30. ^ "Leadership | HSBC Holdings plc". HSBC. Retrieved Sep 25, 2020.
  31. ^ Rudgard, Olivia. (6 May 2020). "HSBC executive Stuart Levey to run Facebook-backed Libra cryptocurrency". The Telegraph website Retrieved 7 April 2021.
  32. ^ Weissman, Steven R. (September 17, 2007). "Lack of ID Data Impedes U.N. Sanctions Against Iran". The New York Times.
  33. ^ "Iran's Japanese oil clients told to replace dollar with yen". Tehran Times. September 20, 2007.

External links[]

Preceded by
Henry Paulson 		United States Secretary of the Treasury
(Acting)
2009 		Succeeded by
Timothy Geithner
Retrieved from ""