Gay Man to Lead U.S. Insurance Office

The Obama administration has another high-ranking gay appointee: Michael McRaith (pictured), director of the Illinois Department of Insurance, was named Thursday to head the new Federal Insurance Office, Bloomberg News reports.

The office was created by the financial reform law, sponsored by Sen. Chris Dodd and Rep. Barney Frank, passed by Congress last year. It will gather information on the insurance industry and negotiate internationally on its behalf, but it does not have regulatory power.

McRaith has held his Illinois post since 2009, when he was appointed by Gov. Pat Quinn. Before that, he was an attorney in private practice in Chicago for 15 years. He has been active in industry and community organizations, including service on the AIDS Foundation of Chicago's board of directors.

Treasury secretary Timothy Geithner announced McRaith's appointment at a Financial Stability Oversight Council meeting Thursday in Washington.