(Bloomberg) -- The White House is poised to nominate Kristin Johnson, a Democratic commissioner at the Commodity Futures Trading Commission, to fill a top role at the US Treasury Department overseeing banks, according to multiple people familiar with the matter.

The announcement is expected to be made public soon, according to the people who asked for anonymity to speak about the matter. The White House, Johnson and the CFTC declined to comment on the nomination.

If confirmed, the role as assistant secretary for financial institutions puts Johnson in a senior policy position at Treasury, in charge of coordinating with other financial regulators, including banking agencies, the Securities and Exchange Commission and the CFTC. 

The Treasury office is responsible for developing legislation. It played a central role in crafting some of the 2010 Dodd-Frank Act banking oversight legislation in the wake for the 2008 financial crisis. It also plays an important role in developing cybersecurity policy for the financial sector. 

Graham Steele, the last person to hold the position, stepped down from the role in January. 

The Congressional Black Caucus and the top Democrat on the House Financial Services Committee, Maxine Waters, have advocated for Johnson to be nominated to the Treasury post. 

“In addition to her subject matter expertise, Commissioner Johnson will bring an invaluable perspective as a woman of color. By fostering diversity in leadership, we can strengthen the Department of Treasury and enhance its ability to address the complex economic challenges facing our nation,” Waters said in a May 2 letter to the White House. 

While Johnson was unanimously confirmed to her role at the CFTC, there’s no guarantee she could be confirmed by the Senate to the Treasury post before the end of the year. Senate Majority Leader Chuck Schumer has limited time on the chamber’s calendar to advance judicial and political nominations. He may be inclined to prioritize judicial nominees, who would stay in their jobs even if President Joe Biden loses the election, rather than political appointees who would leave if presumptive Republican nominee Donald Trump were elected.

If Johnson were to depart her current role, it would likely create a tie at the five-member CFTC, making it difficult to proceed with rulemaking efforts.

Prior to being sworn into her current role in March 2022, Johnson was a professor at Emory University School of Law and before that an attorney at JPMorgan Chase & Co. At the CFTC, she has championed new policies on corporate governance and risk management for digital asset firms in the wake of the implosion of FTX, once one of the largest digital-asset exchanges in the world. She has also supported proposals to overhaul derivatives clearing. 

She leads the Market Risk Advisory Committee, a group that explores and makes policy recommendations on issues related to artificial intelligence and the growth of carbon credit derivative markets. 

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