While most Americans are distracted by the tweet on banning transgender service members or firing Rinse Preebus (I know that is spelled wrong, but why look it up at this point?), Trump has nominated Mr. Randal Quarles to serve as the Federal Reserve vice chairman to supervise the banking system.
Quarles said that he supports relaxing the “stress testing” of the nation’s largest banks. He is considered to be a friend of financial institutions.
Trump also appointed Joseph Otting as the comptroller of the currency. Mr. Otting presided over thousands of foreclosures as chief executive of OneWestBank in California. About his tenure in that company he said “There were errors.”
The Senate Banking Committee, run by Republicans, is considered certain to approve both nominees.
(If you want to read more about this debacle, see “2 Nominees Who Support Backing Off Big Banks,” NYT, (July 28, 2017), p. A15.)
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