Brian Brooks: The U.S. Bank Regulator Stepping Down This Thursday

Acting OCC head Brian Brooks will step down from the position, announced officially
  • Work done by Brooks in the direction of acceptance of cryptocurrency
  • Possible names to be the new face OCC

The present chief of the Office of the Comptroller of the Currency (OCC): Brian Brooks, after being rumored to be stepping down from the position, Brian Books on Wednesday in an official announcement said that he is going to depart from the role of OCC head on Thursday, 14 January.

President-elect Joe Biden will appoint a new comptroller after taking over the office.

Brian’s Contribution As The Cheif

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Brian Brooks was assigned as the head of treasury temporarily in May 2020. In his short working tenure, Brian uplifted several contentious rules, which consist of a proposal that said banks wouldn’t be able to refuse business with clients based on their operation sector.

The banking sector has named the proposal unworkable and more of a political rule, as Republicans have many grievances about banks working to clear controversial business sectors.

Under Brooks’s leadership, the comptroller of the currency has published many letters about how national banks can communicate with the cryptocurrency, with specific attention on stablecoins. However, Brian mentioned in a public seminar that much of his work began before he arrived at the agency.

Who Will Be The new Head Of OCC? 

A former treasury administration official under the rule of  Barack Obama and professor at the University of Michigan Law School, Micheal Barr, are in the race for the position.

Another leading contender for the chief of OCC is Mehrsa Baradaran,  an expert on access to financial services and a law professor at Irvine School of Law, University of California.

Brian Brooks has pressed the financial regulator and banks towards adopting new financial technologies and cryptocurrency. Many experts and officials believe that Brian’s efforts surrounding digital assets are improbable to be overturned by his successor, though future steps around digital currencies may be slowed.

Brian says that cryptocurrencies and other digital assets can form the basis for the future’s financial system with more evolved technologies. Rumors are that he will go back to Coinbase, a crypto exchange where he used to work earlier before coming to OCC.   

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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