Yellen to shake up U.S. bank regulator with new appointment -sources
U.S. Treasury Secretary Janet Yellen plans to make her mark by naming a new supervisor for a major U.S. banking regulator that Democrats say was too friendly to large banks under the Trump administration, according to two people familiar with the matter.
Yellen is expected to name Michael Hsu as the acting head of the Office of the Comptroller of the Currency (OCC), which regulates the country's large banks. Hsu is currently associate director of the Fed's bank supervision and regulation division, which shares responsibility for monitoring the nation's largest banks.
The Wall Street Journal first reported the move.
The move will allow the Biden administration to overhaul the leadership of the agency, which Democrats say has not done enough to protect consumers.
Reference: Reuters
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