By
updated 6/15/2010 5:38:16 PM ET 2010-06-15T21:38:16

President Barack Obama has selected a new leader for the troubled federal agency that oversees oil and gas development and has been accused of lax oversight and conflicts of interest.

The White House announced Tuesday that a former assistant U.S. attorney and Justice Department inspector general, Michael Bromwich, will lead a planned reorganization of the Minerals Management Service. The administration wants to break the MMS into three separate entities to eliminate conflicts of interest.

The White House said Bromwich would have a mandate to implement far-reaching changes and the resources to do it.

Last month, Elizabeth Birnbaum stepped down as director of the Minerals Management Service, a job she had held since July.

Obama returned Tuesday afternoon from a two-day tour of the Gulf and planned to address the nation Tuesday evening. On Wednesday he holds his first meeting with BP executives.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.93%
$30K home equity loan FICO 5.20%
$75K home equity loan FICO 4.58%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.42%
13.40%
Cash Back Cards 17.92%
17.91%
Rewards Cards 17.13%
17.11%
Source: Bankrate.com