Lynch Nominated to Replace Holder as DOJ Head

November 10th, 2014

Last week President Obama nominated Loretta Lynch to serve as the next Attorney General to replace current Attorney General Eric Holder.  The President hopes to push her confirmation through the lame duck Congress, before Republicans take control of both the House of Representatives and the Senate.

While the President’s pick to lead the Department of Justice (DOJ) will likely face a tough vetting from Republicans in Congress, she appears to be generally respected as a “fair” United States (US) Attorney.  Notwithstanding, Lynch is certainly more left leaning.

Lynch is considered to be an insider at the DOJ, chairing on one of the key policy governing bodies.  Lynch maintains a legacy of Wall Street prosecutions and is familiar with the financial sector.  She even served as a member of the Federal Reserve Bank of New York.

In her tenure at the DOJ, Lynch helped organize the investigation into mortgage-backed securities (MBS) sold by Citigroup. Her team helped negotiate a $7 billion settlement with the bank.  She also managed a probe in money laundering at HSBC, winning a $2 billion settlement in 20112.

Neither Lynch nor the Obama Administration have been vocal about any new specific priorities; however, it can be expected that Lynch will largely follow in Holder’s footsteps and remain focused on the existing DOJ agenda.