Jonathan Gould Confirmed as Comptroller of the Currency in 50-45 Vote

The U.S. Senate has confirmed Jonathan Gould as the Comptroller of the Currency, marking a significant development in the leadership of the Office of the Comptroller of the Currency (OCC). The confirmation vote, which took place on Thursday, was 50-45 in favor of Gould. This appointment comes at a pivotal time for the OCC, which is responsible for monitoring and supervising national banks and federal savings and loan associations to ensure a safe and sound banking system.

Gould's confirmation is notable for several reasons. He previously served as senior deputy comptroller and chief counsel at the OCC during the first Trump administration. His return to the agency is seen as a continuation of efforts to streamline bank regulations and oversight, with the aim of fostering economic growth. Senate Banking Committee Republicans expressed their support, stating that Gould is well-equipped to lead the OCC and continue the work started by Acting Comptroller Rodney Hood. They highlighted Gould's experience and character as key qualities that will enable him to effectively lead the agency.

The American Bankers Association also welcomed Gould's appointment, looking forward to collaborating with him on regulatory issues. They emphasized the importance of a rational regulatory framework that promotes a resilient and healthy national banking system, as well as upholding the OCC’s commitment to national bank preemption. This support from key stakeholders underscores the significance of Gould's role in shaping the future of banking regulation in the United States.

Gould's confirmation is expected to bring a fresh perspective to the OCC, given his background in both the public and private sectors. His experience as a senior executive at a blockchain technology company adds a layer of expertise that could be instrumental in navigating the evolving landscape of financial technology and innovation. This appointment is seen as a strategic move to address concerns related to risk management and regulatory compliance within the banking sector.

Gould previously stated that since 2008, banking regulators have sometimes tried to eliminate risk rather than manage it, hindering banks' ability to fulfill their functions. Earlier this year, the Office of the Comptroller of the Currency announced that it would no longer review the risks associated with banks doing business with controversial clients. This shift in policy aligns with Gould's views on risk management and regulatory oversight, suggesting that his leadership may bring about significant changes in how the OCC approaches these issues.

Overall, the confirmation of Jonathan Gould as the Comptroller of the Currency is a pivotal moment for the OCC and the broader banking industry. His leadership is anticipated to drive initiatives aimed at enhancing the safety and soundness of the banking system, while also fostering an environment conducive to economic growth and innovation.