President Obama announced his intent to nominate Sarah Bloom Raskin as Deputy Secretary for the Department of the Treasury.

If confirmed by the Senate, Raskin would replace Neal Wolin, who has been deputy Treasury secretary since 2009. He previously announced plans to step down in August.

"The extraordinary dedication these individuals bring to their new roles will greatly serve the American people," Obama said."I am grateful they have agreed to serve in this administration and I look forward to working with them in the months and years to come."

Currently, Raskin is governor of the Federal Reserve, a position she has held since 2010.

Previously, she was the Commissioner of Financial Regulation for the State of Maryland. 

Prior to that, she served Promontory Financial Group as managing director.

"Sarah Bloom Raskin is a proven leader whose experience and knowledge will be a tremendous asset to the Treasury Department. As a Federal Reserve Governor and former state banking regulator, Sarah has a deep understanding of banking and financial regulatory issues as well as a firm grasp of how to run large, complex organizations," said Treasury Secretary Jack Lew.

He continued, "Throughout her career, Sarah has demonstrated a strong commitment to protecting consumers, and she shares my conviction to do everything possible to increase job creation, accelerate economic growth, and strengthen the middle class. I am grateful Sarah has agreed to take on this critical position, once confirmed, and I know she will live up to the high standard set by Neal Wolin and build on his outstanding legacy."