OCC's John Dugan Planning to Step Down When Five-Year Term Ends Next Month

Comptroller of the Currency John Dugan will step down when his five-year term as national bank supervisor ends next month, he said today in a letter to President Barack Obama.

“Through two administrations and under three secretaries of the Treasury, I have had the great honor of serving as the 29th Comptroller of the Currency,” Dugan said in the letter posted on OCC’s website. “My term will soon come to an end, and it is my intention to leave office on August 14, 2010.”

Dugan, a Republican appointee who was retained when Democrat Obama took office in January 2009, was part of the group of regulators who helped steer the U.S. through the worst economic crisis since the Great Depression. Dugan and his agency were involved in crafting and implementing rescue efforts including the $700 billion Troubled Asset Relief Program.

“During the darkest days of the crisis nearly two years ago, the very viability of the banking system seemed in question,” Dugan said in his letter. “As I prepare to take my leave, I am pleased to report that the condition of the national banking system is much, much improved.”

Before being appointed as comptroller by President George W. Bush in 2005, Dugan, 55, was a partner in the law firm Covington & Burling LLP. He was an assistant Treasury secretary under President George H.W. Bush and also served as a staff member on Capitol Hill.

To contact the reporter on this story: Phil Mattingly in Washington at pmattingly@bloomberg.net.

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