Trump picks ex-banker Otting to regulate Wall Street at OCC

Washington

JOSEPH Otting, a former lieutenant of Treasury Secretary Steven Mnuchin's at OneWest Bank, has been tapped to lead a US regulator that oversees more than 1,000 lenders - including Wall Street giants.

US President Donald Trump plans to nominate Mr Otting to run the Office of the Comptroller of the Currency (OCC), the White House said in a statement on Monday evening. If confirmed by the Senate, he will play a central role in trying to ease financial rules that the administration blames for stunting economic growth. The appointment would mark a reversal in roles for Mr Otting, as the OCC regulated OneWest when he was the bank's chief executive officer.