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Trump Wall Street Watchdogs to Shed Millions in Bank Assets

  • Asset sales by Fed, OCC nominees intended to address conflicts
  • Quarles plans to keep TCW Stake; Otting will sell CIT shares
The New York Stock Exchange (NYSE) stands in New York, U.S., on Friday, Feb. 3, 2017. U.S. stocks advanced Friday after Labor Department data showed U.S. employers added the most workers in four months.
Photographer: Michael Nagle/Bloomberg
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President Donald Trump’s latest nominees to regulate Wall Street have deep ties to the financial industry that they’ve pledged to untangle -- with one exception, according to recently released financial disclosures.

Randal Quarles, Trump’s pick to be the Federal Reserve’s powerful bank watchdog, plans to keep a stake in one of the biggest asset management firms in the U.S., even as he sheds other investments that could pose conflicts of interest, according to an ethics agreement. Joseph Otting, the president’s choice to lead the top federal regulator of national banks, will sell CIT Group Inc. shares worth millions, his own agreement indicates.