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Senate Clears Way for Ex-Mnuchin Deputy to Lead Bank Regulator

Former OneWest CEO Joseph Otting would become head of OCC
Elizabeth Warren has tried to slow Otting’s confirmation

Joseph Otting swears in to a Senate Banking Committee nomination hearing in Washington, D.C., on July 27, 2017. — Joseph Otting swears in to a Senate Banking Committee nomination hearing in Washington, D.C., on July 27, 2017.
Photographer: Andrew Harrer/Bloomberg

By

Elizabeth Dexheimer and

November 9, 2017, 9:09 PM UTC

Senate Republicans have initiated the process of confirming Joseph Otting, a former deputy to Treasury Secretary Steven Mnuchin at OneWest Bank, to lead one of Wall Street’s top regulators.

Senate Majority Leader Mitch McConnell has filed a motion to kick off debate and an eventual vote to appoint Otting as head of the Office of the Comptroller of the Currency. It will likely take several days before lawmakers consider Otting’s nomination and they will have to spend 30 hours of floor time debating the selection before a vote.