Banking Regulatory Nominees Lower Back Fewer Monetary Regulations

Mr. Otting signed a consent order, but he insisted on Thursday that he did not accept the government’s findings of wrongdoing.
Mr. Quarles said he took “very seriously” the Fed’s statutory obligation to minimize unemployment.
Mr. Quarles, if confirmed, also will sit on the Fed panel that makes monetary policy, the Open Market Committee.
Republicans argue that the federal government overreacted to the 2008 financial crisis, imposing unnecessary restrictions that are now impeding economic growth.
Mr. Otting was hired as chief executive of OneWest Bank in California in 2010, working under the company’s chairman, Steven Mnuchin, who is now the Treasury secretary.

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