Trump Names 2 New Top Financial Regulators

President Trump has announced the appointment of two new top financial regulators, signaling a shift in the oversight of the nation’s banking and financial industries. The two new appointees, Brian Brooks and Joseph Otting, are expected to bring a fresh perspective to their respective roles and help shape the future of financial regulation in the United States.

Brian Brooks, who currently serves as the Chief Operating Officer of the Office of the Comptroller of the Currency (OCC), has been nominated to take over as the head of the agency. Brooks is a former executive at Fannie Mae and OneWest Bank, and has extensive experience in both the public and private sectors. He is expected to bring a strong focus on innovation and technology to the OCC, which regulates national banks and federal savings associations.

Joseph Otting, the current head of the Federal Housing Finance Agency (FHFA), has been nominated to lead the Office of the Comptroller of the Currency (OCC). Otting has a background in banking and finance, having previously served as the CEO of OneWest Bank and Union Bank. He is expected to bring a strong focus on regulatory reform and streamlining to the OCC, which oversees the banking industry and enforces federal banking laws.

The appointments of Brooks and Otting come at a critical time for the financial industry, as the Trump administration seeks to roll back regulations put in place after the 2008 financial crisis. The President has been a vocal critic of the Dodd-Frank Act, which imposed strict regulations on banks and financial institutions in an effort to prevent another financial meltdown. With Brooks and Otting at the helm of key regulatory agencies, it is likely that we will see a significant shift in financial oversight in the coming months and years.

Critics of the appointments have expressed concerns about the nominees’ ties to the banking industry and their potential conflicts of interest. However, supporters argue that Brooks and Otting bring a wealth of experience and expertise to their new roles, and will be able to effectively navigate the complex regulatory landscape of the financial industry.

Overall, the appointments of Brian Brooks and Joseph Otting as top financial regulators signal a new direction for financial oversight in the United States. With their respective backgrounds and expertise, the two new appointees are expected to bring a fresh perspective to the regulation of the banking and financial industries, and help shape the future of financial regulation in the country.