The Senate has confirmed Jonathan Gould as Comptroller of the Currency.
Gould, who served as Senior Deputy Comptroller and Chief Counsel at the OCC during President Trump's first term, was confirmed 50-45. Every Democrat voted against the nomination.
He replaces Rodney Hood, who was Acting Comptroller, after being selected by Trump to serve in that role.
Gould has served in several positions at the Senate Banking, Housing and Urban Affairs Committee, including as Chief Counsel under former Chairman Sen. Mike Crapo, R-Id.
Most recently, he has been a partner at Jones Day. Prior to that, he served as chief legal officer at Bitfury, a crypto mining company. He also has been a corporate counsel or a consultant at BlackRock and Promontory Financial Group.
He holds a bachelor's degree from Princeton University and a law degree from Washington and Lee University.
During his March confirmation hearing, Gould called the national banking system “one of the crown jewels of American Finance.”
He said that if banks are to serve in their role supporting the U.S. economy, they must be allowed to engage in “prudent risk-taking.”
He added, “But in the years since 2008, bank regulators have at times tried to eliminate rather than manage risk, frustrating the ability of banks to fulfill their function. This blinkered approach to risk management has implications for the cost and availability of credit, the system's ability to absorb shocks, and its adoption of new technologies and embrace of innovation.”
He also said he will “shine a spotlight” on debanking.
Crapo said he believes that Gould is well-suited for the position. “I am confident in his ability to carry out the agency's critical mission to ensure the safety and soundness of our banking system, and to ensure banks provide fair access to financial services,” Crapo said.
However, Senate Banking Committee Ranking Democrat Sen. Elizabeth Warren, D-Mass., in a March letter to Gould expressed concern about the nomination.
“Your record as Chief Counsel at the OCC during the first Trump administration raises concerns that, if confirmed, you may pursue a Wall Street deregulatory agenda, block states from exercising their rights to protect their citizens from predatory practices by national banks, and let large banks off the hook when they violate the law,” Warren wrote.
On the other hand, Rob Nichols, President and CEO of the American Bankers Association, said he was pleased with Gould's confirmation.
“We look forward to working with Comptroller Gould on a number of important regulatory issues in the years ahead, including advancing a rational regulatory framework that promotes a resilient and healthy national banking system and upholding the OCC's commitment to national bank preemption,” he said.
Mortgage Bankers Association President and CEO Bob Broeksmit also applauded the confirmation.
“Jonathan Gould's distinguished résumé in both the private and public sector will serve him well as Comptroller of the Currency,” he said.
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