Donald Trump is planning an appointment that would limit Joe Biden’s power to set financial regulations

US President Donald Trump noted that he has the intention to appoint the Interim Currency Controller for a new five-year term, which could complicate any plan by the Biden administration to impose stricter regulations on Wall Street banks.

In a statement on Tuesday, the White House has said it intends to present Brian Brooks to the (Republican-controlled) Senate for confirmation.

The movement very unusual, which comes just weeks before what is likely to be the end of Trump’s term, could force Joe Biden to trust a legal authority that has never been used to attempt to impeach Brooks if the president-elect wants to replace him with a stricter regulator. Trump has not yet acknowledged his defeat in the elections and has prevented a transition process.

Although the Office of the Comptroller of the Currency (OCC) is a division of the Department of the Treasury, it is outside the direct control of the Secretary of the Treasury. However, the law says a controller can be removed by the president “for reasons that he himself will communicate to the Senate”, a power that has not been demonstrated.

Most of the major regulations for US banks are written and approved in conjunction with the Federal Reserve, Federal Deposit Insurance Corporation, and the OCC. Having Trump’s trusted people at the top of one of these agencies could have a huge impact on the number of rules Biden’s appointees could formulate.. The Corporation is already expected to be led by Trump-nominated president Jelena McWilliams until 2023.

Brooks doesn’t have long to be confirmed before Biden is sworn in on January 20. Brooks is expected to have a hearing before the Senate Banking Committee, followed by a group vote and then a full Senate vote.

Brooks, who became interim director of the OCC in May, has leveraged experience gained at San Francisco-based Coinbase and other companies to run a fintech program. He was also a lead attorney and a board member of Fannie Mae.

(With information from Bloomberg)

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