U.S. Senator Elizabeth Warren, serving as the Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, has expressed concerns regarding Jonathan Gould's nomination as Comptroller of the Currency. In a letter addressed to Gould ahead of his nomination hearing, Warren highlighted issues related to his past actions during his tenure at the Office of the Comptroller of the Currency (OCC) and potential conflicts of interest.
Warren questioned Gould's record as Chief Counsel at the OCC during the Trump administration. She stated, "Your record as Chief Counsel at the OCC during the first Trump administration raises concerns that, if confirmed, you may pursue a Wall Street deregulatory agenda, block states from exercising their rights to protect their citizens from predatory practices by national banks, and let large banks off the hook when they violate the law."
Additionally, Warren raised questions about Gould's current role representing many national banks. She remarked that this could pose challenges in avoiding real or perceived conflicts of interest if he were to oversee these institutions as Comptroller: “Your current role representing many national banks – which you would oversee as Comptroller – also raises questions about your ability to avoid real or perceived conflicts of interest while at OCC.”
The letter also included several inquiries for Gould concerning various topics such as bank mergers, executive compensation, regulatory independence, and more. Warren criticized past deregulatory measures under Gould’s leadership at OCC: “During your tenure as Senior Deputy Comptroller and Chief Counsel at the OCC, the agency proposed or finalized several major deregulatory rules that weakened safeguards for the largest banks in the country.”
Warren further noted her concern over lax bank merger reviews during Gould’s previous term at OCC from 2018-2020: “the cost of credit has increased, availability of credit has decreased, branches have been shut down, customer service has deteriorated, and interest paid on deposit accounts has declined.”
She emphasized potential conflicts due to Gould’s connections with banking sector clients: “You have a range of banking sector clients that either currently have or would reasonably expect to have regulatory supervisory or enforcement business before the OCC. I am concerned you may continue to view these banks as your clients."
In conclusion, Warren underscored her apprehension about maintaining effective regulation within one of government’s critical agencies: “The OCC is one of most important regulatory agencies in government. A failure to execute agency’s mission could mean economic catastrophe for working families–foreclosures lost jobs depleted savings economic scars last generations.”