Home Economy Trump to nominate Joseph Otting for banking oversight post

Trump to nominate Joseph Otting for banking oversight post

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         Trump to nominate Joseph Otting for banking oversight post

WASHINGTON — President Donald Trump will nominate Joseph Otting to a post overseeing federally chartered banks, a move that would place a former banker in a key role as the Trump team reviews financial regulatory policies.

The White House announced late Monday it intends to nominate Otting to be comptroller of the currency. The Senate will have to confirm him, a process that could take months. He had previously been reported as a candidate for the job and would replace Keith Noreika, the acting comptroller. The Trump administration installed Noreika about a month ago to replace former President Barack Obama’s comptroller.

Not much is known about Otting’s regulatory views. But he is expected to adopt a similar tone to other Trump administration officials, who have called for a review of banking rules they say went too far under Obama and are curbing legitimate lending.

The comptroller oversees most of the largest federally chartered U.S. banks, including Citigroup Inc.

C, +0.23%

  , Bank of America Corp.

BAC, -0.18%

  and J.P. Morgan Chase & Co.

JPM, +0.18%

 . The position marshals a force of hundreds of examiners stationed inside big banks, giving the comptroller significant sway over the regulatory tone that supervisors take with financial firms.

An expanded version of this report appears on WSJ.com.

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