Enhancing the value of financial institution charters his agency issues, reducing “unnecessary burden,” and promoting economic opportunity while maintaining safety and soundness of the federal banking system were three goals outlined by Joseph M. Otting when he was sworn in Monday at Comptroller of the Currency.
Otting, sworn in by Treasury Secretary Steven T. Mnuchin, said banks can support President Donald Trump’s goals of job creation and economic growth by providing capital and financial services to the consumers, business, and communities they serve.
“The nation needs the federal banking system to be safe and sound and to deliver its products and services in formats that are available to everyone,” Otting said in a statement. “By doing so, the system will continue to be a source of strength for the economy and the nation. Just as community banks are anchors in their neighborhoods, the nation’s most complex and internationally active banks fuel industry and economic activity on a grand scale.”
The new comptroller was confirmed to his post by the Senate Nov. 15 by a vote of 54-43. He replaced Acting Comptroller Keith Noreika, who was named to that role May 5 by President Trump, after the five-year term of Tom Curry, a former state regulator, expired last spring.
“The OCC will operate as effectively and efficiently as possible and provide an environment that inspires engagement from every OCC employee,” Otting said. “To achieve those things, I will rely on an open and inclusive process that seeks the voices of all of the stakeholders of the federal banking system.”