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Scoop: Fannie Mae exec to be nominated Treasury Deputy Secretary

Jacquelyn Martin / AP

Fannie Mae's General Counsel Brian Brooks will be appointed Deputy Secretary of the Treasury Department, according to three sources with direct knowledge. He previously worked with Treasury Sec. Steve Mnuchin at OneWest, which became the largest bank in Southern California after the 2008 economic collapse.

Why this matters: Deputy Secretary is a pivotal role in the Treasury Department, and Wall Street has been keeping a close eye on the vacancy. Brooks will be expected to play a driving role in tax reform and the other major agenda items. Two sources say that Mnuchin wanted a loyalist in this key position.