U.S. Treasury Department in Washington (Photo:. Diego M. Radzinschi /ALM Media) U.S. Treasury Department in Washington (Photo:.
Diego M. Radzinschi /ALM Media)

Brent McIntosh, the Sullivan & Cromwell partner nominated to be general counsel to the U.S. Treasury Department, reported earning nearly $2.9 million in income from the firm last year, according to his financial disclosure on file at the U.S. Office of Government Ethics.

McIntosh, a partner in Washington and co-leader of the firm’s cybersecurity practice, said he would withdraw from the partnership on his confirmation as general counsel. No hearing date is set.

As the Treasury’s top lawyer, McIntosh would oversee more than 2,000 attorneys and be involved in setting policy and providing legal advice—a role that carries ever more prominence as the Trump administration prepares to advance a significantly reduced business tax rate.

“The president is determined to unleash economic growth for businesses. This is not just about large corporations. Small and medium-size businesses will be eligible for the business rate as well,” Treasury Secretary Steven Mnuchin said last week. President Donald Trump nominated McIntosh on March 14.

McIntosh’s financial disclosure and accompanying ethics agreement provide a roadmap for potential recusal issues. For one year, McIntosh would be required to refrain from participating “personally and substantially in any particular matter involving specific parties in which I know the firm is a party or represents a party,” unless he receives a waiver.

Brent McIntosh. (Photo: Dick Duane) Brent McIntosh. (Photo: Dick Duane)

McIntosh’s clients, according to his financial disclosure, have included Australia Pacific LNG, Barclays Capital Inc., Bank Hapoalim, BP PLC, Graham Spanier (former Penn State president), Higher One Holdings, JPMorgan Chase, Prudential Financial, U.S. Chamber of Commerce, the Securities Industry and Financial Markets Association, Volkswagen AG, Wells Fargo & Co. and Paulson & Co.

McIntosh also reported providing legal services to an unidentified “organizational client of Sullivan & Cromwell.” He said he could not identify the client because it “is subject to a non-public investigation.”

McIntosh’s recusals will extend to matters handled by the firm Wachtell, Lipton, Rosen & Katz, where his wife, a former associate there, is a consulting attorney.

“For as long as my spouse continues to provide these services for Wachtell, Lipton, Rosen & Katz, I will not participate personally and substantially in any particular matter involving specific parties in which I know Wachtell, Lipton, Rosen & Katz is a party or represents a party, unless I am first authorized to participate,” McIntosh wrote in his ethics agreement.

McIntosh said he would divest certain assets—including holdings in Blackrock Inc., Citigroup Inc., T. Rowe Price Group Inc. and JPMorgan Chase & Co.—within 90 days of his confirmation. He also planned to divest interests in an investment fund—125 Broad Street Fund III LLC—that’s available to Sullivan & Cromwell partners and administered by the firm.

McIntosh would join Sullivan & Cromwell colleagues Jay Clayton, confirmed Tuesday as chairman of the U.S. Securities and Exchange Commission, and Jeffrey Wall, the acting U.S. solicitor general, in the Trump administration. At Sullivan & Cromwell, Clayton, a partner since 2001, reported earning $7.6 million in the year leading up to his nomination.

U.S. senators grilled Clayton about his Wall Street ties at his confirmation hearing in March. He was confirmed 61-37.