The Senate Banking Committee held a nomination hearing yesterday for the FDIC’s Marty Gruenberg to become Chairman, Thomas Curry to become Director of the OCC, and Roy Woodall to become a member of FSOC. Q and A from the Committee touched on a wide array of issues, including preemption, Basel III, and resolution authority. Mr. Curry, in response to questions from Republican Senators on preemption issues, stated his support for the National Bank Act, although this did not make clear where he will stand on the contentious new ruling from the OCC (see Client Reports in the PREEMPT series). The FSOC nominee argued that traditional insurance firms should not be deemed systemic. A collegial session, the hearing suggested few confirmation obstacles for the nominees, although floor consideration is of course often complicated by factors with no direct relevance to the nominee. This report analyzes today’s nomination hearing.
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