The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
President Donald Trump
formally nominated Brian Brooks to take over a key banking regulator, potentially forcing Joe Biden to fire him after the president-elect is sworn in.
The White House said it had sent the nomination to the Senate, where Senate Banking Committee Chairman Mike Crapo has already signalled that Brooks would get a confirmation hearing for a five-year term leading the Office of the Comptroller of the Currency (OCC). Brooks has been acting OCC chief since May.
Trump’s highly unusual move to try to install an industry friendly watchdog at the end of his administration has been blasted by Democratic lawmakers, who argue the president is refusing to accept the results of this month’s election. If Crapo, an Idaho Republican, succeeds in fast-tracking Brook’s confirmation, Biden would then have to decide whether to remove him after the January 20 inauguration.