Senate Panel Advances OCC, Fed Nominees

The Senate Banking Committee today advanced the nominations of Joseph Otting to serve as comptroller of the currency and Randal Quarles to be vice chairman for supervision at the Federal Reserve. Both nominations now go to the full Senate, where they are expected to be voted on in the coming weeks.

American Bankers Association President and CEO Rob Nichols applauded the committee. “Both nominees have the qualifications, knowledge and experience needed to carry out their important responsibilities at the Federal Reserve and OCC, and today’s committee vote reflects that,” he said. “We urge the full Senate to confirm Quarles and Otting as soon as possible, so they can contribute to their agencies’ ongoing — and critically important — efforts to identify which financial regulations are working and address which rules need to be recalibrated to promote responsible economic growth.”

Both nominees cleared the committee on bipartisan votes, with all Republicans voting to support them. Sen. Heidi Heitkamp (D-N.D.) voted to confirm both Otting and Quarles, while Sens. Joe Donnelly (D-Ind.), Mark Warner (D-Va.), Jon Tester (D-Mont.) and Chris Van Hollen (D-Md.) voted to confirm Quarles.