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Report: Trump picks Fannie Mae counsel as deputy treasury secretary

President Donald Trump will nominate Brian Brooks, the general counsel for Fannie Mae, as deputy secretary of the U.S. Treasury, according to a report in Axios that cited "three sources with direct knowledge." Brooks is a former colleague of Treasury Secretary Steven Mnuchin at OneWest, one of California's largest banks.

Mnuchin was said to be seeking someone whose loyalty he could rely on for the position. The deputy secretary is expected to play a key role in efforts to reform the tax code, one of Trump’s major campaign promises.

Goldman Sachs Group Inc. executive James Donovan, reportedly the original choice for the position, withdrew from consideration in May.