Last week, US President Donald Trump nominated a number of key financial regulatory leaders as a part of his administration's effort to overhaul the regulatory system.
President Trump nominated Jonathan McKernan, who previously served on the board of the US Federal Deposit Insurance Corporation (FDIC), to lead the recently-gutted Consumer Financial Protection Bureau (CFPB). Among the other nominations were Jones Day partner Jonathan Gould to lead the Office of the Comptroller of the Currency (OCC), Sidley Austin partner Brian Morrissey to serve as General Counsel at the Treasury, and Andreessen Horowitz's Brian Quintenz to lead the Commodity Futures Trading Commission (CFTC), having served on the Commission in the first Trump administration.
With the leadership positions of several key regulatory agencies now being filled, we expect to see more indications of the administration's plans for reorganizing banking oversight. Earlier this month, Acting CFPB Director Russell Vought suspended all supervisory activities at the agency, halting new funding and closing its headquarters. These efforts are being challenged in court, as the extent to which the President can dismantle statutorily-established agencies without legislation remains an open question.
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