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Yellen to pick new comptroller of the currency: report

Yellen to pick new comptroller of the currency: report
© Greg Nash

Treasury Secretary Janet YellenJanet Louise YellenThe Biden administration's domestic approach to foreign policy The Fed does a quiet about-face on inflation Treasury opens applications for 0 billion state and local aid program MORE is reportedly planning to appoint a top supervisor from the Federal Reserve to become the next acting comptroller of the currency, a post responsible for overseeing the country’s national banks and federal savings associations.

Yellen is reportedly expected to select Michael Hsu, associate director of the Federal Reserve’s bank supervision and regulation division, to the first deputy comptroller position, The Wall Street Journal reported on Monday, citing a person familiar with the matter.

Once Hsu joins the Office of the Comptroller of the Currency (OCC), he would then be elevated to acting comptroller, according to the Journal.

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Yellen is reportedly expected to appoint Hsu in the coming weeks, the Journal reported.

Blake Paulson, who serves as acting comptroller, will reportedly move to the positions of deputy comptroller and chief operating officer.

According to the Journal, Hsu, in his current position at the Fed, helps supervise the largest financial firms in the country, including Goldman Sachs Group Inc., Morgan Stanley and Wells Fargo & Co.

The OCC made headlines last week after Senate Democrats increased pressure on the federal bank regulator to eliminate a Trump-era rule that they say lets lenders avoid state interest rate limits and exploit vulnerable consumers.