Nominations for a new Comptroller of the Currency, and top regulatory supervisor at the Federal Reserve, will be considered Thursday by the Senate Banking Committee.
The committee has scheduled votes on the nominations of Joseph Otting, to be Comptroller of the Currency (heading up the Office of the Comptroller of the Currency, the regulator of national banks), and Randal Quarles as vice chairman for supervision for Federal Reserve. If a majority of the committee members vote to recommend confirmation of the two nominees to the full Senate, their nominations will proceed for a final confirmation vote.
If approved, Otting would serve a five-year term ending in 2022; Quarles (after completing the remainder of an existing term of a former Fed governor, ending next February) would serve a 14-year term, ending in 2032.
Otting would replace Keith A. Noreika, who is now serving as acting Comptroller; he was appointed in May to replace Thomas Curry, whose term had ended in April. Quarles would be the first to assume his new position at the Federal Reserve. Although the position of vice chairman for supervision was mandated by the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act (commonly referred to as Dodd–Frank), it has never been filled.
CALENDAR: Confirmation vote: Senate Banking Committee (Sept. 7)