[ad_1]
WASHINGTON (BLOOMBERG) – US President Donald Trump formally nominated Brian Brooks to take over control of a key banking regulator, which could force Joe Biden to fire him after the president-elect takes office.
In a short statement on Friday (November 27), the White House said it had sent the nomination to the Senate, where Senate Banking Committee Chairman Mike Crapo has already noted that Brooks would get a confirmation hearing for a five-term term. years at the helm of the Office. of the Comptroller of Currency (OCC). Brooks has been acting director of the OCC since May.
Trump’s unusual decision to try to install an industry-friendly watchdog at the end of his administration has been criticized by Democratic lawmakers, who argue that the president is refusing to accept the results of this month’s election.
If Crapo, an Idaho Republican, succeeds in expediting Brook’s confirmation, Biden would have to decide whether to remove him after the Jan. 20 inauguration. While the law indicates that Biden can expel Brooks, that authority has never been used before. Biden’s acting Treasury Secretary could immediately remove Brooks if he fails to get Senate approval.
Most of the major regulations for US banks are written and approved in collaboration with the Federal Reserve, the Federal Deposit Insurance Corporation, and the OCC.
Because Trump appointees are expected to continue to run the other two agencies for a time, the OCC is believed to be in a key position to begin implementing Biden’s agenda for banks.
Brooks is rushing to end a rule that would prohibit banks from refusing to make loans to companies that carry political risks, such as borrowers linked to oil exploration, firearms and private prisons.
The proposal’s public comment period ends on January 4, which gives Brooks just a few days to finalize regulation before Biden’s inauguration.
[ad_2]
