Senate Banking panel approves Trump's Fed, comptroller nominees

Senate Banking panel approves Trump's Fed, comptroller nominees
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The Senate Banking Committee on Thursday approved the nominations of two of President Trump’s top financial regulator nominees, sending them to the full Senate for consideration.

The panel approved along party lines Randal Quarles to serve as Federal Reserve vice chairman for supervision and Joseph Otting to serve as comptroller of the currency.

Only Sen. Heidi HeitkampMary (Heidi) Kathryn HeitkampThe Hill's Morning Report — Biden steadies in third debate as top tier remains the same Trump wins 60 percent approval in rural areas of key states Pence to push new NAFTA deal in visit to Iowa MORE (D-N.D.), who is up for reelection in 2018 in a state Trump won by large margin in the presidential elecition, voted with all Republicans to approve Otting. Sens. Jon TesterJonathan (Jon) TesterGOP braces for Democratic spending onslaught in battle for Senate Former rancher says failure to restore meat labeling law is costing rural America 'billions' Tester: Our forefathers would not have tolerated Trump asking Ukraine to investigate Biden MORE (D-Mont.), Joe DonnellyJoseph (Joe) Simon DonnellyGinsburg health scare raises prospect of election year Supreme Court battle Watchdog accuses pro-Kavanaugh group of sending illegal robotexts in 2018 Lobbying world MORE (D-Ind.), Chris Van HollenChristopher (Chris) Van HollenThe Hill's Morning Report - Dem dilemma on articles of impeachment Graham, Van Hollen warn Pompeo that 'patience' on Turkey sanctions 'has long expired' Overnight Energy: Protesters plan Black Friday climate strike | 'Father of EPA' dies | Democrats push EPA to abandon methane rollback MORE (D-Md.) and Mark WarnerMark Robert WarnerHillicon Valley: House passes anti-robocall bill | Senators inch forward on privacy legislation | Trump escalates fight over tech tax | Illinois families sue TikTok | Senators get classified briefing on ransomware Senators sound alarm on dangers of ransomware attacks after briefing Hillicon Valley: Dueling bills set stage for privacy debate | Google co-founders step down from parent company | Advocates rally for self-driving car bill | Elon Musk defamation trial begins | Lawsuit accuses TikTok of sharing data with China MORE (D-Va.) voted with Heitkamp and all Republicans to approve Quarles; Tester and Donnelly are both up for reelection next year in states Trump won.

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Quarles and Otting should face little difficulty clearing the GOP-controlled Senate. The two will play major roles in the Trump administration’s efforts to reshape financial regulation and “dismantle” the Dodd-Frank financial reform law.

Quarles, the undersecretary of domestic finance at the Treasury Department during the lead-up to the financial crisis, would oversee the Fed’s regulatory policy as the bank prepares for several high profile departures. Federal Reserve Chairwoman Janet Yellen is expected to leave the bank by February, and Vice Chairman Stanley Fischer announced Wednesday his plans to resign next month.

The departure of Yellen and Fischer, who have steered the Fed toward gradually normalizing interest rates, could widen the ideological divide between the banks’ more liberal governors and Trump’s conservative picks.

Senate Banking Committee Chairman Mike CrapoMichael (Mike) Dean CrapoThe job no GOP senator wants: 'I'd rather have a root canal' Lawmakers battle over future of Ex-Im Bank Eleven GOP senators sign open letter backing Sessions's comeback bid MORE (R-Idaho) said it was imperative that the full Senate confirm Quarles before Fischer steps down, so the Fed board can maintain a quorum.

Otting would lead the Office of the Comptroller of the Currency, which leads the federal government’s efforts to foster bank security and stability. Otting was the president and CEO of OneWest Bank, where he worked with Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money: Congress races to beat deadline on shutdown | Trump asks Supreme Court to shield financial records from House Democrats | House passes bill to explicitly ban insider trading Hillicon Valley: Pelosi works to remove legal protections for tech companies from USMCA | Treasury sanctions Russian group over 0 million hack | Facebook sues Chinese individuals for ad fraud | Huawei takes legal action against FCC Mnuchin to lawmakers: 'I'm highly encouraged you will' pass Trump's North America trade deal MORE and presided over hundreds of thousands of foreclosures.

Democrats criticized Otting for his tenure at OneWest bank, which has been investigated for multiple federal and state housing violations.

Otting defended his career, saying his experiences “touched virtually every segment of the industry,” including work at banks of all sizes.