November 08, 2017

Van Hollen, Warren, Merkley, Cortez Masto, Schatz Object to Rushed Confirmation of Comptroller of the Currency

United States Senators Chris Van Hollen (D-Md.),Elizabeth Warren (D-Mass.), Jeff Merkley (D-Ore.), Catherine Cortez Masto (D-Nev.), and Brian Schatz (D-Hawaii) today issued a joint statement objecting to the rushed confirmation ofPresident Trump's nomineefor Comptroller of the Currency, Mr. Joseph Otting:

"We object to rushing the confirmation of Joseph Otting to lead the Office of the Comptroller of the Currency through the Senate. Mr. Otting may be buddies with the Treasury Secretary from their days leading OneWest bank - a notorious foreclosure mill that booted thousands of families out of their homes, illegally foreclosed on dozens of service members, and forked over $89 million for defrauding the government on his watch - but he is highly unqualified for this job. There is nothing in Mr. Otting's record that suggests that he would protect consumers from financial fraud or take the steps needed to rein in the banks and avoid future financial meltdowns. The same could be said for the Acting Comptroller of the Currency, Keith Noreika, who has spent nearly every moment of his brief tenure working, perversely, to shield banks from accountability. But Mr. Noreika's obvious unfitness does not excuse rushing to confirm another unfit nominee to a permanent position running this vital agency. The Senate must conduct a real debate before a vote putting someone with a track record in predatory banking into a position so critical to protecting consumers."