Yellen Names Fed’s Michael Hsu to Lead OCC on Acting Basis
Treasury Secretary Janet Yellen appointed a Federal Reserve official to head the Office of the Comptroller of the Currency on an acting basis, filling a key banking regulation post for which the Biden administration has yet to nominate a permanent leader.
The OCC, an independent bureau of the Treasury, oversees the national banking operations of Wall Street’s biggest lenders including JPMorgan Chase & Co. and Citigroup Inc. Hsu will replace the current acting OCC head, Blake Paulson.
The Biden administration hasn’t said when it plans to pick a permanent comptroller, which would require Senate confirmation. The White House had been considering Michael Barr, a Treasury official during the Obama administration, but his potential nomination was scuttled after it faced opposition from progressive Democrats.
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