Senate Confirms Next Attorney General
After a more than five-month delay, the Senate finally confirmed President Obama’s nomination for the next Attorney General yesterday. The confirmation was held up by Congressional debate over a human trafficking bill. Loretta Lynch will now replace current Attorney General Eric Holder.
Lynch’s background provides limited insight into her views of Wall Street and how she will treat financial issues during her tenure. From 2003 to 2005 she served as a board member of the Federal Reserve Bank of New York. While she has spent most of her career as US attorney for the Eastern District of New York, she also spent a brief time at corporate law firms. Nonetheless, Lynch has some history in investigating banks as a prosecutor. In December of 2012, Lynch reached a $1.9 billion deferred prosecution agreement with HSBC, in which the bank admitted to massive criminal money laundering.