Trump Nominates Crypto Supporter to Serve as the Head Bank Regulator for 5 Years
In what could possibly turn out to be one of his last appointments as President of the United States of America, Donald Trump has nominated Brian Brooks to serve a 5-year term as Comptroller of the Currency yesterday. Brooks has been widely regarded as a friend to the crypto industry. During his little stint as the acting head of the federal agency, he has looked to carry out reforms that favor the industry.
When will Brooks’s Nomination Be Solidified?
In a statement, Brooks expressed his gratitude for being chosen, adding:
“The OCC aims to promote fair access to capital and credit for the hundreds of millions of customers the federal banking system serves. We strive to make sure banks remain capable of providing the financial services that businesses and communities depend on to conduct their important activities each day.”
His nomination by President Trump still requires the Senate to confirm him before he becomes the official Comptroller of the national bank regulator.
Before his nomination appears before the Senate house, he has to first scale through the confirmation hearing of The U.S. Senate Banking Committee which oversees the Office of the Comptroller of the Currency (OCC).
These two hearings need to be done before January 20, 2021. If he is not confirmed before this date, the new President-elect, Joe Biden, can go ahead to nominate a new candidate for this position.
Brooks’s Contribution to Crypto
Brooks has worked on various government boards, serving as Executive Vice President and General Counsel of the Federal National Mortgage Association (FNMA). He has also served as Vice Chairman of OneWest Bank, N.A. His repertoire of experience also covers serving as an advisor to several fintech startups, including Coinbase.
Brooks, before his nomination, had served as the Acting OCC. He was appointed after Joseph Otting chose to resign from his position in May. Since then, Brooks has kickstarted various crypto reforms that would help the industry players have a sound environment to carry out their businesses.
In May, he had introduced federal licensing for fintech startups. His proposal was an attempt to put an end to the current system where crypto exchange firms had to be licensed by each state before they were allowed to do business.
Through this reform, crypto exchanges now only need a federal license for their businesses.
He has also shown his commitment toward making the banking industry embrace cryptocurrency and its services. His office had published a letter in July in which he recommended that the traditional banks should also offer crypto custody services.