Biden s OCC expected to chart new course for fintechs, crypto, AML
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As Economic Suffering Grips Regular Americans, Wall Street Behemoths Ready Feast of Stock Buybacks
“We’re going to be aggressively buying back, and consistently,” said Morgan Stanley chief executive James Gorman.
For millions of regular Americans, the end of 2020 was marked by economic distress, with millions suffering pandemic-triggered job losses and thus the loss of their employer-tied health insurance still waiting on robust economic relief from federal lawmakers, and facing a weak social safety net.
For the nation’s biggest banks, however, the year closed out with reason for celebration, and they’re looking to take advantage of the banner year with a feast of stock buybacks.
Biden poised to break with Brown, progressives in picking top bank cop POLITICO 1/22/2021 By Zachary Warmbrodt © Alex Wong/Getty Images President Biden s planned selection of Michael Barr to lead the Office of the Comptroller of the Currency marks a break from Sen. Sherrod Brown (D-Ohio).
President Joe Biden s expected nomination of a former Obama Treasury Department official to regulate national banks is triggering fierce opposition from progressive activists, who say the president s choice is too closely tied to the finance industry.
Biden s planned selection of Michael Barr to lead the Office of the Comptroller of the Currency also marks a break from Sen. Sherrod Brown (D-Ohio), who is in line to chair the Senate Banking Committee, which will vet the nomination. Brown has been advocating for a competing candidate, law professor Mehrsa Baradaran, an expert on the racial wealth gap who has called for the delivery of banking services through the U.S. Post
Consumer advocates Baradaran, Barr are leading contenders for top bank cop POLITICO 1/18/2021 By Victoria Guida, Zachary Warmbrodt and Tyler Pager © John Shinkle/POLITICO Whoever is chosen as comptroller of the currency would grapple with how to reduce the number of people who are shut out of the financial system.
Law professor Mehrsa Baradaran and former Treasury Department official Michael Barr are leading contenders to head the Office of the Comptroller of the Currency, the national bank regulator, according to three people familiar with the discussions.
Baradaran, an expert on the racial wealth gap and a favorite of progressives, would represent a major break from previous leaders of the OCC, who have often been accused of being too cozy with the banks they oversee. One of the policies she is best known for advocating is the delivery of financial services through the U.S. Postal Service, which banks are vehemently opposed to.
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