President Donald Trump is going ahead with putting together a monitoring team to regulate the banking industry. The goal behind this move is to ease up on banking rules that hinder financial firms from lending money in an efficient way.
Keith Noreika Will Act as Interim Head of the Monitoring Team
The department in charge of the new type of regulatory work is going to be the Office of the Comptroller of the Currency. On Wednesday, the Trump administration appointed Keith Noreika as the interim head of the office. He is going to start his activities on Friday officially and will leave his position within the law firm of Simpson Thacker & Bartlett. Noreika is going to replace Thomas Curry who has been working as the comptroller since 2012.
Noreika will guide the monitoring team to oversee those financial institutions that the federal government authorized. However, his duty will find its end as soon as Trump administration finds a permanent replacement.
The Noreika Appointment Is Already Controversial
This change within the office of the comptroller is thought to be just the beginning of a longer chain of decisions regarding U.S. banking agencies. The times will change for these organizations as Donald Trump moves forward on his presidential promises. One of his challenges is to streamline regulations so as the American economy can move more freely. Trump wants to readdress the restrictive bank regulations that appeared as a consequence of the 2008 financial crisis. Republicans are of the opinion that this legal framework is obsolete in the modern world.
Treasury Secretary Steven Mnuchin praised Noreika for his previous work within the banking industry. He has been a banking lawyer for over two decades. On the other hand, Senator Sherrod Brown of Ohio appeared displeased with the nominee. In his view, Noreika has motives to generate a conflict of interest, and he doesn’t have the necessary expertise to be a watchdog over hundreds of bank supervisors.
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