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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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..