Robert Steel, chair of the Board of Trustees, will be nominated by President George W. Bush for the position of undersecretary of the treasury for domestic finance, the White House announced late Tuesday.
"Bob will bring wisdom and an extraordinary range of knowledge to this important position, and the country should be grateful for his willingness to render this significant public service," Duke President Richard Brodhead said in a statement.
If confirmed, Steel, Trinity '73, will be responsible for leading the Department of the Treasury's policy on issues such as fiscal policy, domestic finance and government assets.
"It's fabulous for him, I think it's fabulous for Duke, I think it's outstanding for the country," Provost Peter Lange said.
Steel said he will accept the position under the condition that he is allowed to continue leading the Board of Trustees.
He has served on the Board for 13 years and was named chair in 2005 after retiring as vice chairman of Goldman Sachs & Co. in 2004.
He has also chaired the Duke Management Company and served on the Trustees' Academic Affairs Committee and on the board of directors for the Duke University Health System.
"I don't think any of us are surprised that Bob's experience and genuine smarts are being tapped into by the president in an important post like this," said John Burness, senior vice president for public affairs and government relations.
"He's a remarkable guy and it's a tribute to him, and frankly, to the secretary of the treasury and to the president because they picked him," he added.
Brodhead noted that Steel's conditional acceptance is not an unprecedented move.
John Koskinen, Trinity '61, who chaired the Board from 1994 to 1997, made a similar stipulation after he was named deputy director of the Office of Management and Budget in former President Bill Clinton's administration.
Steel is a native of Durham and attended Durham public schools before receiving a Bachelor of Arts from Duke in history and political science. He received a master's degree in business administration from the University of Chicago in 1984.
He currently teaches as a senior fellow at the Kennedy School of Government at Harvard University. He lives with his wife and three daughters in Greenwich, Conn.
Steel could not be reached for comment.
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