{{Short description|American government official}} {{Infobox officeholder |name = Stuart Levey |image = Stuart Levey.jpg |office = [[United States Secretary of the Treasury]] |status = Acting |president = [[Barack Obama]] |term_start = January 20, 2009 |term_end = January 26, 2009 |predecessor = [[Henry Paulson]] |successor = [[Timothy Geithner]] |office1 = [[Under Secretary of the Treasury for Terrorism and Financial Intelligence]] |president1 = [[George W. Bush]]<br>[[Barack Obama]] |term_start1 = July 20, 2004 |term_end1 = June 30, 2011 |predecessor1 = Position established |successor1 = [[David S. Cohen (attorney)|David S. Cohen]] |alma_mater = [[Harvard College]]<br>[[Harvard Law School]] }}
'''Stuart A. Levey''' is a business executive, who previously held a number of political positions in the US government. He was the first [[Under Secretary for Terrorism and Financial Intelligence]] within the [[United States Department of the Treasury]]. He was sworn in on July 21, 2004 as a political appointee of President [[George W. Bush]]. President [[Barack Obama]] asked Levey to remain in his position and Levey was one of only a small number of Senate-confirmed Bush appointees who served in the [[Presidency of Barack Obama|Obama Administration]].
In the mid-2000s, he was credited with "helping to bring Iran to the negotiating table on nuclear power" by tough enforcement of financial sanctions.<ref name=tsar>{{Cite news|last1=Murphy|first1=Hannah|last2=Noonan|first2=Laura|last3=Stacey|first3=Kiran|date=2020-05-06|title=Facebook's Libra appoints Bush-era terrorism finance tsar as first chief|work=Financial Times|url=https://www.ft.com/content/fb2d3e29-67a4-413a-a597-7717188cd015|access-date=2021-10-14}}</ref> After leaving the government, Levey joined the private sector. In January 2012, Levey joined [[HSBC]] as the bank's Chief Legal Officer.<ref>{{Cite web|title=Leadership and governance {{!}} HSBC Holdings plc|url=https://www.hsbc.com/who-we-are/leadership-and-governance|access-date=2021-09-10|website=HSBC|language=en}}</ref> In August 2020, he became CEO of the [[Libra Association|Diem Association]].<ref>{{Cite web|date=2020-05-06|title=Stuart Levey appointed as CEO {{!}} Diem Association|url=https://www.diem.com/en-us/updates/ceo-announcement/|access-date=2021-09-10|website=www.diem.com|language=en-us}}</ref> On November 10, 2022''',''' [[Oracle Corporation]] announced Levey as executive vice president and chief legal officer.<ref>{{Cite web|date=2022-11-10|title=Oracle Appoints Stuart Levey Executive Vice President and Chief Legal Officer|url=https://www.oracle.com/news/announcement/oracle-appoints-stuart-levey-evp-clo-2022-11-10/|access-date=2023-04-10|website=Oracle|language=en}}</ref>
==Early life and education== Stuart Levey grew up in a [[American Jews|Jewish]] family<ref>[http://www.thejewishweek.com/news/national/stuart_levey_man_trying_make_iran_sanctions_work The Jewish Week: "Stuart Levey: The Man Trying to Make Iran Sanctions Work" by Ron Kampeas] July 1, 2010</ref> near [[Akron, Ohio]], where his father had practiced dentistry. Levey attended [[Harvard College]], graduating ''[[summa cum laude]]'' in 1986, and in 1989 he graduated ''[[magna cum laude]]'' from [[Harvard Law School]].<ref name="a">{{cite web|title=U.S. Treasury – Biography of Stuart Levey, Under Secretary for Terrorism & Financial Crimes|url=http://www.treas.gov/organization/bios/levey-e.html|url-status=dead|archive-url=https://web.archive.org/web/20070913132138/https://www.treas.gov/organization/bios/levey-e.html|archive-date=September 13, 2007|access-date=September 26, 2007}}</ref>
==Career== ===Early law and government positions=== After law school, Levey clerked for Judge [[Laurence Silberman]] on the [[U.S. Court of Appeals for the D.C. Circuit]] from 1989 through 1990.<ref name="a"/> Prior to joining the [[United States Department of Justice|Justice Department]] in 2001, Levey spent 11 years in private practice at the Washington law firm Miller, Cassidy, Larroca & Lewin LLP (which merged into [[Baker Botts|Baker Botts LLP]]). He had a litigation practice with a special emphasis on [[white collar crime|white collar criminal]] defense.<ref name="a"/>
Beginning in 2001, Levey served in several senior positions in the [[United States Department of Justice|U.S. Department of Justice]], including as Principal Associate [[United States Deputy Attorney General|Deputy Attorney General]] for Deputy Attorney General [[Larry Thompson (lawyer)|Larry Thompson]] and Deputy Attorney General [[James Comey]].<ref>{{Cite web|title=HEARING BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED EIGHTH CONGRESS|url=https://www.govinfo.gov/content/pkg/CHRG-108shrg24200/pdf/CHRG-108shrg24200.pdf}}</ref> In that role, Levey was the Deputy Attorney General's primary advisor for coordinating the Department's counterterrorism and national security activities, including investigations, intelligence collection and prosecutions. Prior to serving in that role, Levey was an associate deputy attorney general and chief of staff to the deputy attorney general.<ref>{{Cite web|title=Stuart A. Levey Under Secretary for Terrorism and Financial Intelligence|url=https://www.treas.gov/organization/bios/levey-e.html|archive-url=https://web.archive.org/web/20070913132138/https://www.treas.gov/organization/bios/levey-e.html|archive-date=2007-09-13|url-status=live}}</ref>
Levey was sworn in on July 21, 2004 as the Under Secretary of Terrorism and Financial Intelligence at the U.S. Department of the Treasury in the administration of President [[George W. Bush]]. President [[Barack Obama]] asked Levey to remain in his position and Levey was one of only a small number of Senate-confirmed Bush appointees who served in the [[Presidency of Barack Obama|Obama Administration]]. Levey served until March 2011. He was succeeded by David S. Cohen.<ref>{{Cite web|last=Rogin|first=Josh|title=David Cohen nomination back on track|url=https://foreignpolicy.com/2011/06/27/david-cohen-nomination-back-on-track/|access-date=2021-09-10|website=Foreign Policy|language=en-US}}</ref>
===Under Secretary for Terrorism and Financial Intelligence=== {{overly detailed|section|date=April 2026}} As the first Under Secretary of the Treasury for Terrorism and Financial Intelligence (TFI), from July 2004, Levey was responsible for creating a new office to lead the Treasury Department's revitalized post-9/11 national security mission. Levey is credited with developing and executing financial strategies to counter threats to U.S. national security and protect the integrity of the international financial system.<ref>Mann, James, The Obamians: The Struggle Inside the White House to Redefine American Power Viking, 2012, p. 191-199</ref><ref>Cheney, Dick and Cheney, Liz, Exceptional: Why the World Needs a Powerful America Simon & Schuster 2015, p. 176-179</ref> He has also been recognized for leading the U.S. government's efforts to disrupt financial networks supporting terrorist organizations; developing and implementing financial measures against proliferators of weapons of mass destruction; and playing a central role in U.S. strategies to pressure the regimes in North Korea, Iran and Libya.<ref>{{Cite web|url=http://www.washingtonpost.com/wp-dyn/content/article/2006/09/08/AR2006090801454.html|title=U.S. Moves to Isolate Iranian Banks|access-date=Sep 25, 2020|via=www.washingtonpost.com}}</ref><ref>{{Cite web |date=2015-11-23 |title=Bush Gets Help From UBS, Deutsche Bank in Iran Sanctions Effort - Bloomberg |website=[[Bloomberg News]] |url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=ayYwAdhdFLME |access-date=2023-05-26 |archive-url=https://web.archive.org/web/20151123210446/https://www.bloomberg.com/apps/news?pid=newsarchive&sid=ayYwAdhdFLME |archive-date=2015-11-23 }}</ref><ref>{{Cite web|url=https://www.treasury.gov/press-center/press-releases/Pages/hp898.aspx|title=Under Secretary for Terrorism and Financial Intelligence Stuart Levey Testimony|website=www.treasury.gov|access-date=Sep 25, 2020}}</ref><ref>{{Cite news|url=https://www.nytimes.com/2007/01/18/world/asia/18iht-north.4255039.html|title=Squeeze on Banco Delta Asia hit North Korea where it hurt - Asia - Pacific - International Herald Tribune|first1=David|last1=Lague|first2=Donald|last2=Greenlees|newspaper=The New York Times|date=Jan 18, 2007|access-date=Sep 25, 2020}}</ref><ref>{{Cite web|url=https://www.treasury.gov/press-center/press-releases/Pages/hp314.aspx|title=Prepared Remarks of Stuart Levey Under Secretary for Terrorism and Financial Intelligence|website=www.treasury.gov|access-date=Sep 25, 2020}}</ref> He is credited, in particular, with designing the financial strategy that resulted in tremendous pressure on Iran's economy and its isolation from the international financial system.<ref>{{Cite news|url=https://www.nytimes.com/2008/11/02/magazine/02IRAN-t.html|title=Stuart Levey's War|first=Robin|last=Wright|newspaper=The New York Times|date=Oct 31, 2008|access-date=Sep 25, 2020}}</ref>
One of Levey's key initiatives was harnessing the private sector to enhance the effectiveness of government-imposed financial measures. He "led an effort to convince foreign banks to cease conducting business with Iran until that country agreed to comply with international banking standards. By showing companies and banks that doing business in Iran has financial and diplomatic repercussions, he has convinced corporations to cut off business with Iran."<ref name="votesmart.org">[http://votesmart.org/public-statement/510127/restoring-american-finacial-stability-act-of-2010-continued#.VlImf4Rg6ZY Senator Ted Kaufman, Floor Speech (May 20, 2010)]</ref> TFI's efforts received support from both Republicans <ref>Cheney, Dick and Cheney, Liz, Exceptional: Why the World Needs a Powerful America Simon & Schuster 2015, p. 176-179]</ref> and Democrats.<ref name="votesmart.org" /><ref>[https://www.highbeam.com/doc/1P3-2247777591.html Senator Joe Lieberman, Press Release (January 24, 2011)] {{Webarchive|url=https://web.archive.org/web/20160220221614/https://www.highbeam.com/doc/1P3-2247777591.html |date=2016-02-20 }}</ref> Levey, an appointee of the George W. Bush administration, was asked to remain in his position by the Obama Administration.
TFI, through its implementation of economic sanctions and other financial measures, put pressure on the regimes in North Korea, Iran,<ref>{{Cite web|url=https://www.newsweek.com/obama-prepares-get-tough-iran-75581|title=Obama Prepares to Get Tough on Iran|first=Michael Hirsh On 12/11/09 at 7:00 PM|last=EST|date=Dec 11, 2009|website=Newsweek|access-date=Sep 25, 2020}}</ref><ref>{{Cite web|url=http://docs.house.gov/meetings/FA/FA00/20150319/103186/HHRG-114-FA00-Wstate-SzubinA-20150319.pdf|title=Written Testimony of Adam J. Szubin, Acting Under Secretary for Terrorism and Financial Intelligence, United States Department of the Treasury, to the United States House of Representatives Committee on Foreign Affairs, March 19, 2015.|access-date=Sep 25, 2020}}</ref> and Libya.<ref>{{Cite web |last=Dombey |first=Daniel |date=2011-03-09 |title=US model for freezing Libya funds |url=https://www.ft.com/content/87c8c46a-4a72-11e0-82ab-00144feab49a |url-access=subscription |access-date=Sep 25, 2020 |website=[[Financial Times]]}}</ref> TFI was responsible for leading the U.S. government's efforts to cut off financing to terrorist organizations such as [[al-Qaeda]], [[Hamas]] and [[Hezbollah]]. In pursuing that effort against al Qaeda, Levey focused attention on wealthy Gulf-based donors, particularly from Saudi Arabia.<ref>{{Cite web|url=https://www.latimes.com/archives/la-xpm-2008-apr-02-na-terror2-story.html|title=Saudis faulted for funding terror|date=Apr 2, 2008|website=Los Angeles Times|access-date=Sep 25, 2020}}</ref> He was once quoted as saying,"If I could somehow snap my fingers and cut off the funding from one country, it would be [[Saudi Arabia]]." No one identified by the United States and the [[United Nations]] as a terror financier has been prosecuted by the Saudis, he elaborated.<ref>{{cite news|title=Saudis said failing to crack down on Al-Qaeda donors|newspaper=Straits Times|date=September 12, 2007|url=http://www.straitstimes.com/Latest+News/World/STIStory_157194.html|archive-url=https://archive.today/20120919155407/http://www.straitstimes.com/Latest+News/World/STIStory_157194.html|url-status=dead|archive-date=September 19, 2012}}</ref> He later acknowledged significant improvement in the partnership between the U.S. and Saudi Arabia in targeting al-Qaeda financing.<ref>{{Cite web|url=https://charlierose.com/episodes/15683?autoplay=true|title=Stuart Levey|website=Charlie Rose|access-date=Sep 25, 2020}}</ref>
In June 2006, the ''[[The New York Times|New York Times]]'' reported that [[counterterrorism]] officials had gained access to financial records from a vast international database of banking transactions involving Americans and others in the United States. In response to concerns about privacy issues, Levey said that the Terrorist Financing Tracking Program (TFTP) "has provided us with a unique and powerful window into the operations of terrorist networks and is, without doubt, a legal and proper use of our authorities."<ref>{{cite news|first=Lichtblau|last=Eric|author2=Risen, James |title=Bank Data Is Sifted by U.S. in Secret to Block Terror|newspaper=The New York Times|date=June 23, 2006}}</ref> Since the creation of the TFTP, the United States and [[European Union]] (EU) have entered into a long-standing and comprehensive information sharing agreement to thwart the financing of terrorism around the world and gain timely, accurate, and reliable information about activities associated with suspected acts of terrorist planning and financing. A 2019 EU evaluation of the TFTP found that “over 70,000 leads were generated, some of which brought forward investigations into terrorist attacks on EU territory, such as those in Stockholm, Barcelona, and Turku. The number of leads increased considerably compared to almost 9,000 in the previous reporting period (1 March 2014 to 31 December 2015).”<ref>{{Cite web|title=Evaluation of the EU-US Agreement on Tracing Terrorist Financing - eucrim|url=https://eucrim.eu/news/evaluation-eu-us-agreement-tracing-terrorist-financing/|access-date=2021-10-14|website=eucrim.eu}}</ref> In November 2020, the ''[[The Wall Street Journal|Wall Street Journal]]'' reported that EU member countries widely use the TFTP to monitor global financial ties to terrorism and thwart terrorist actors.<ref>{{Cite news|last=Tau|first=Byron|date=2020-11-19|title=EU Leans Heavily on U.S. Program Tracking Terror Financing|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/eu-leans-heavily-on-u-s-program-tracking-terror-financing-11605794404|access-date=2021-10-14|issn=0099-9660}}</ref>
In July 2010, Levey said that [[Anwar al-Awlaki]] "has proven that he is extraordinarily dangerous, committed to carrying out deadly attacks on Americans and others worldwide ... [and] has involved himself in every aspect of the supply chain of terrorism—fundraising for terrorist groups, recruiting and training operatives, and planning and ordering attacks on innocents."<ref name="washingtonpost3">{{cite news|url=https://www.foxnews.com/us/u-s-born-radical-cleric-added-to-terror-blacklist |title=US-born radical cleric added to terror blacklist |agency=Associated Press |date=July 16, 2010 |access-date=July 17, 2010 |first1=Eileen |last1=Sullivan |first2=Matthew |last2=Lee |work=Fox News |archive-url=https://web.archive.org/web/20140413114556/http://www.foxnews.com/us/2010/07/16/born-radical-cleric-added-terror-blacklist/ |archive-date=April 13, 2014 |url-status=live }} [https://www.washingtonpost.com/wp-dyn/content/article/2010/07/16/AR2010071603730.html alternate URL #0]{{dead link|date=June 2021|bot=medic}}{{cbignore|bot=medic}}</ref>
====Stance on Iranian sanctions==== According to ''[[The New York Times]]'', the failure of the United States to carry out sanctions against many Iranian companies and individuals is cited by European diplomats as an example of America failing to do what it has promised. Valerie Lincy of Iran Watch has said, "The United States now lags many other countries in enforcing sanctions that the United Nations has already voted."<ref name="b">{{cite news|first=Steven R.|last=Weissman|title=Lack of ID Data Impedes U.N. Sanctions Against Iran|newspaper=The New York Times|date=September 17, 2007}}</ref> The ''Tehran Times'' wrote that the U.S. Treasury has increased pressure on foreign banks not to deal with sanctions against Iran, including performing "U-turn transactions," which allow U.S. banks to process payments involving Iran that begin and end with a non-Iranian foreign bank.<ref>{{cite news|title=Iran's Japanese oil clients told to replace dollar with yen|newspaper=Tehran Times|date=September 20, 2007|url=http://www.tehrantimes.com/index_View.asp?code=153738}}</ref>
In reply to Lincy's comments, Levey said that the United States has tougher sanctions on Iran than any other country. He said that because their list of organizations and individuals involved in financial crime is accurate, it is America's list that "is by and large used by financial institutions around the world."<ref name="a"/>
===Acting Treasury Secretary=== On January 15, 2009 President-elect Barack Obama designated Levey to serve as Acting Treasury Secretary until Obama nominee [[Timothy Geithner]] was confirmed to the post.<ref>{{cite news|author=Staff Reporter|date=January 15, 2009|title=Levey to head U.S. Treasury temporarily: official|work=Reuters|url=https://www.reuters.com/article/politicsNews/idUSTRE50E3O320090115|access-date=January 20, 2009}}</ref> Geithner was confirmed on January 26.<ref>{{cite news|author=Solomon, Deborah|date=January 26, 2009|title=U.S. Senate Confirms Geithner at Treasury|newspaper=Wall Street Journal|url=https://www.reuters.com/article/politicsNews/idUSTRE50E3O320090115|access-date=January 26, 2009|quote=The U.S. Senate confirmed Timothy Geithner as President Barack Obama's Treasury secretary by a 60–34 vote, paving the way for the new administration to usher in its financial-rescue plan.}}</ref>
===Chief Legal Officer, HSBC Holdings plc=== After leaving the U.S. Department of the Treasury, Levey became Chief Legal Officer and a Group Managing Director of [[HSBC|HSBC Holdings plc]], an international bank with 257,000 employees in 2014.<ref>{{Cite web|url=https://www.hsbc.com/who-we-are/leadership|title=Leadership | HSBC Holdings plc|website=HSBC|access-date=Sep 25, 2020}}</ref> Levey joined HSBC in 2012 as the bank was seeking to resolve investigations into past anti-money laundering and sanctions compliance failures. Levey led a legal department made up of more than 800 lawyers in more than 50 countries.<ref>{{Cite news|date=2016-09-26|title=HSBC top lawyer calls for new global anti-financial crime measures|language=en|work=Reuters|url=https://www.reuters.com/article/us-hsbc-moneylaundering-idUSKCN11W0OD|access-date=2021-10-14}}</ref> In a speech to [[The Economist]]’s General Counsel summit, Levey said that helping a business navigate the external environment requires its senior lawyers to be conscious not only of what the law is in any particular jurisdiction, but also of how the law might evolve in the future.<ref>{{Cite web|title=Becoming future-proof – the enormous task facing today's in-house lawyers|url=https://www.law.com/international-edition/2014/11/18/becoming-future-proof-the-enormous-task-facing-todays-in-house-lawyers/|access-date=2021-10-14|website=Law.com International|language=en-gb}}</ref> In May of 2016, Levey wrote an op-ed in the ''Wall Street Journal'' in response to an effort by then-Secretary of State [[John Kerry]] to persuade major non-US banks to do business with Iran. In the op-ed, Levey stated that HSBC’s “decisions will be driven by the financial-crime risks and the underlying conduct,” and “[f]or these reasons, HSBC has no intention of doing any new business involving Iran.”<ref>{{Cite news|last=Levey|first=Stuart|date=2016-05-12|title=Kerry's Peculiar Message About Iran for European Banks|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/kerrys-peculiar-message-about-iran-for-european-banks-1463093348|access-date=2021-10-14|issn=0099-9660}}</ref>
Upon Levey’s departure from HSBC in 2020, HSBC chief executive [[Noel Quinn]] sent an email to staff praising Levey's tenure, stating Levey “was a driving force behind the bank’s transformation in how we fight financial crime and helped us to rebuild our reputation, as well as the trust of our regulators and other government stakeholders.”<ref>{{Cite web|title=HSBC's Levey named Libra CEO, as Deutsche reshuffles ranks|url=https://globalbankingregulationreview.com/hsbcs-levey-named-libra-ceo-deutsche-reshuffles-ranks|access-date=2021-10-14|website=globalbankingregulationreview.com|language=en}}</ref> [[Stuart Gulliver]], the former chief executive of HSBC, said that Levey was “the most important key hire” he made during his tenure.<ref>{{Cite news|last1=Murphy|first1=Hannah|last2=Noonan|first2=Laura|last3=Stacey|first3=Kiran|date=2020-05-06|title=Facebook's Libra appoints Bush-era terrorism finance tsar as first chief|work=Financial Times|url=https://www.ft.com/content/fb2d3e29-67a4-413a-a597-7717188cd015|access-date=2021-10-14}}</ref>
===Diem Association CEO=== In May of 2020, Levey was appointed the CEO of the [[Diem Association]], a member-based association backed by [[Facebook]] that was building a blockchain-based [[payment system]].<ref>Rudgard, Olivia. (6 May 2020). "HSBC executive Stuart Levey to run Facebook-backed Libra cryptocurrency". [https://www.telegraph.co.uk/technology/2020/05/06/hsbc-executive-stuart-levey-run-facebook-backed-libra-cryptocurrency/ The Telegraph website] Retrieved 7 April 2021.</ref> Levey by late 2021 was also the CEO of Diem Networks US.<ref>{{Cite web|title=About us {{!}} Diem Association|url=https://www.diem.com/en-us/about-us/|access-date=2021-10-14|website=www.diem.com|language=en-us}}</ref> He started the new job in July 2020 out of Washington, DC.<ref name=tsar/> In May 2020, the ''[[Financial Times]]'' reported that Levey was reviewing Diem's plans for financial crime compliance and other controls to protect user privacy.<ref>{{Cite news|last1=Murphy|first1=Hannah|last2=Noonan|first2=Laura|last3=Stacey|first3=Kiran|date=2020-05-06|title=Facebook's Libra appoints Bush-era terrorism finance tsar as first chief|work=Financial Times|url=https://www.ft.com/content/fb2d3e29-67a4-413a-a597-7717188cd015|access-date=2021-10-14}}</ref> On becoming the CEO, Levey said that Diem would help underbanked and unbanked people,<ref>{{Cite news|last1=Murphy|first1=Hannah|last2=Noonan|first2=Laura|last3=Stacey|first3=Kiran|date=2020-05-06|title=Facebook's Libra appoints Bush-era terrorism finance tsar as first chief|work=Financial Times|url=https://www.ft.com/content/fb2d3e29-67a4-413a-a597-7717188cd015|access-date=2021-10-14}}</ref> with strong controls in place to detect and deter illegal financial activity.<ref>{{Cite web|date=2020-05-06|title=Stuart Levey appointed as CEO {{!}} Diem Association|url=https://www.diem.com/en-us/updates/ceo-announcement/|access-date=2021-10-14|website=www.diem.com|language=en-us}}</ref> Speaking to the ''[[American Banker]]'' in May 2021, Levey said “I personally want to build a project that has the type of financial crime controls that can even go beyond the effectiveness of the traditional banking system.”<ref>{{Cite web|date=2021-05-17|title=The bankers turning free-spirited Libra into buttoned-down Diem|url=https://www.americanbanker.com/news/the-bankers-turning-free-spirited-libra-into-buttoned-down-diem|access-date=2021-10-14|website=American Banker|language=en}}</ref> Under Levey, by May 2021, the Diem Association had been modifying the project by incorporating feedback from regulators.<ref>{{Cite web|date=2021-05-12|title=Diem Announces Partnership with Silvergate and Strategic Shift to the United States {{!}} Diem Association|url=https://www.diem.com/en-us/updates/diem-silvergate-partnership/|access-date=2021-10-14|website=www.diem.com|language=en-us}}</ref>
The Libra project was ready to test its Diem stablecoin in the spring of 2021, and on the brink of approval from the [[Swiss Financial Market Supervisory Authority]] (Finma). However, the final approval needed by the [[US Treasury]] was refused, with the [[Biden administration]] requesting a delay to examine the project further.<ref name=kiran/> Under Levey, the project was then relocated from Switzerland to the US,<ref name=kiran/> and the Fed and Treasury were informed a launch was scheduled for June 29, 2021. The night beforehand, the US withheld approval. Subsequently, Levey's attempts to schedule meetings with Treasury officials were ignored. The Diem project was cancelled in January 2022,<ref name=kiran>{{cite web |title=Facebook Libra: the inside story of how the company’s cryptocurrency dream died |url=https://www.ft.com/content/a88fb591-72d5-4b6b-bb5d-223adfb893f3#selection-2539.0-2551.427 |website=www.ft.com |publisher=[[Financial Times]] |access-date=19 April 2026}}</ref> and [[Silvergate Capital]] purchased Diem's technology assets on January 31, 2022 for $182 million. Levey stated the Diem Association had ended due to a lack of US support, and that "despite giving us positive substantive feedback on the design of the network, it nevertheless became clear from our dialogue with federal regulators that the project could not move ahead."<ref name=abtwo>{{cite web |title=The road ahead for Meta’s Diem under Silvergate Bank’s ownership |url=https://www.americanbanker.com/news/the-road-ahead-for-metas-diem-under-silvergate-banks-ownership |website=www.americanbanker.com |publisher=[[American Banker]] |access-date=19 April 2026}}</ref>
===Chief Legal Officer, Oracle=== After leaving Diem, he was a principal at [[WestExec Advisors]].<ref name=westexec>{{cite web |title=Oracle Hires Former HSBC Legal Chief Levey as New Top Lawyer |url=https://news.bloomberglaw.com/business-and-practice/oracle-hires-former-hsbc-legal-chief-levey-as-new-top-lawyer |website=www.bloomberglaw.com |publisher=[[Bloomberg Law]] |access-date=21 April 2026}}</ref> Levey then joined [[Oracle Corporation]] as executive vice president and chief legal officer in November 2022, working under [[Safra Catz]], Oracle's CEO at the time.<ref>{{Cite web|date=November 10, 2022|title=Former Top Lawyer at HSBC Joins Oracle as Legal Chief|url=https://www.law.com/corpcounsel/2022/11/10/former-hsbc-top-lawyer-joins-oracle-as-legal-chief/?slreturn=20230307110138|access-date=April 7, 2023|website=Law.com|language=en|url-access=subscription}}</ref>
==References== {{Reflist}}
==External links== *{{commons category-inline}}
{{s-start}} {{s-off}} {{s-new|office}} {{s-ttl|title=[[Under Secretary of the Treasury for Terrorism and Financial Intelligence]]|years=2004-2011}} {{s-aft|after=[[David S. Cohen (attorney)|David S. Cohen]]}} {{s-break}} {{s-bef|before=[[Henry Paulson]]}} {{s-ttl|title=[[United States Secretary of the Treasury]]<br/>{{small|Acting}}|years=2009}} {{s-aft|after=[[Timothy Geithner]]}} {{s-end}}
{{DEFAULTSORT:Levey, Stuart}} [[Category:20th-century births]] [[Category:Living people]] [[Category:20th-century American Jews]] [[Category:21st-century American Jews]] [[Category:Acting United States secretaries of the treasury]] [[Category:Harvard College alumni]] [[Category:Harvard Law School alumni]] [[Category:Obama administration personnel]] [[Category:Place of birth missing (living people)]] [[Category:Politicians from Akron, Ohio]] [[Category:United States Department of the Treasury officials]] [[Category:Year of birth missing (living people)]] [[Category:People associated with Baker Botts]] [[Category:21st-century United States government officials]]