President Obama has nominated Nani Coloretti – who grew up in Hawaii -- as chief financial officer of the Department of Treasury. Coloretti's nomination, announced Wednesday by the White House, must now be confirmed by the U.S. Senate.
Coloretti has been assistant secretary for management at Treasury for the past year. She has worked at the department since 2009, when she joined the Obama administration as the Treasury Department's deputy assistant secretary for management and budget.
She grew up in the Kapahulu and Kaimuki area and graduated from Iolani School in 1987.
As the fourth in command at the Treasury, she oversees operations of many of its bureaus.
Once the Dodd-Frank Wall Street Reform and Consumer Protection Act became law in 2010, she helped start up the new Consumer Financial Protection Bureau, serving as the acting chief operating officer.
A graduate of the University of Pennsylvania, Coloretti got her first full-time job as a budget analyst for the Public Safety Department in Hawaii in 1991 and 1992. She later moved to Washington, D.C., where she worked for the U.S. Office of Management and Budget from 1994 to 1997, during the administration of President Bill Clinton.
She also served as director of policy, planning and budget for the San Francisco Department of Children, Youth and Their Families from 1999 to 2005. Coloretti was budget director for the city of San Francisco for three years, working for Mayor Gavin Newsom before going to work for the Obama administration.