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Stories of Interest
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
- Senate Republicans Release Plan to Replace Obamacare - The Details
- Berkshire Hathaway Throws $1.5Bn Lifeline to Canada's Home Capital
- Inside Nomura: Day in the Life of a Junior Banker
- Inside Travis Kalanick’s Resignation as Uber’s C.E.O.
- Creative Planning, KS Investment Firm, Spurring Change on Wall Street
- SEC Obtains Judgment Against Attorney Who Defrauded Escrow Clients
- SEC Files Fraud Charges Against Stock Promoters in Market Manipulation Scheme
- Power Lunches and Dinners in New York, London, Washington
- Banks to Cut $1.2Bn in Research Spending, Analyst Jobs - McKinsey
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NEWSLETTERS & ALERTS
Federal Agencies are Obstacles to Trump’s Plans for Overhauling Wall Street Rules
by Howard Haykin
Donald Trump has huuuge plans for overhauling Wall Street bank regulations. But to execute his agenda, senior officials have to be installed in key regulatory posts. And that ‘ain’t gonna happen’ any time soon, Let’s survey the field.
FEDERAL RESERVE. Donald Trump has yet to name his choice for the Fed’s top bank regulator – thought to be Randal Quarles, a veteran of the George W. Bush administration. Yet, before he can assume that position, Quarles must be vetted by the FBI and the Office of Government Ethics, and then confirmed by the Senate. Likely start date – Fall 2017.
OFFICE OF THE COMPTROLLER OF THE CURRENCY. The OCC is currently being run by Keith Noreika. Joseph Otting was nominated earlier this month for the top spot, but his confirmation hearings are likely to be contentious – owing to his time as an executive at OneWest Bank and that firm’s foreclosure practices.
COMMODITY FUTURES TRADING COMMISSION. Christopher Giancarlo, the acting chairman of the CFTC, is awaiting full confirmation before he can take on the role full-time.
FEDERAL DEPOSIT INSURANCE CORPORATION. Martin Gruenberg, an Obama appointee, intends to serve his full term, which expires in November. In the meantime, Treasury's plans to ease some of the restrictions around banks' trading, living wills and their adherence to international banking accords could face resistance from him, given his role in drafting many existing rules.
CONSUMER FINANCIAL PROTECTION BUREAU. Richard Cordray, Obama-appointed director, also intends to serve his full term, which runs until summer 2018. The CFPB, created in the wake of the financial crisis, receives its funding through the Federal Reserve and Trump can only fire Cordray "for cause," an almost impossible standard to meet. Cordray’s cooperation is needed to implement many of the Treasury’s recommendations for overhauling mortgage rules – and that is unlikely..