U.S. Senate Confirms Jonathan Gould as New Comptroller of the Currency

Jonathan Gould has been confirmed by the U.S. Senate as the new Comptroller of the Currency, the head of the Office of the Comptroller of the Currency (OCC). The confirmation came in a 50-45 vote, marking a significant development in the leadership of the agency responsible for chartering and supervising banks to ensure a safe and sound banking system. Gould, who previously served as senior deputy comptroller and chief counsel at the OCC during the first Trump administration, will succeed Acting Comptroller Rodney Hood. This appointment makes Gould the first permanent chief of the OCC since Joseph Otting stepped down in 2020.

Gould's confirmation was met with positive statements from various stakeholders. Senate Banking Committee Republicans expressed their support, stating that Gould will continue the important work started by Acting Comptroller Hood to return the OCC to its true purpose. The American Bankers Association also welcomed the confirmation, looking forward to collaborating with Gould on regulatory issues to promote a resilient and healthy national banking system. The association emphasized the importance of advancing a rational regulatory framework and upholding the OCC’s commitment to national bank preemption.

Gould's extensive background, including his firsthand experience at the OCC, positions him well to lead the agency effectively. His previous role as senior deputy comptroller and chief counsel provided him with a deep understanding of the OCC's operations and the regulatory landscape. This experience is expected to enable him to hit the ground running and address the challenges facing the banking industry.

Gould advocates for the deregulation and risk management of banks, expressing commitment to eliminating excessive constraints on financial institutions, which he believes have hampered the banking system. His approach aligns with priorities from the previous administration to foster innovation and ease regulatory requirements. Public support for Gould's confirmation came from numerous industry bodies, including the Blockchain Association and the Independent Community Bankers of America. Lindsey Johnson, CEO of the Consumer Bankers Association, noted, "Mr. Gould’s experience brings a balanced perspective, necessary for pragmatic banking regulation." Additionally, Jonathan Gould himself stated, "If banks are to serve their role supporting the U.S. economy, they must be allowed to engage in prudent risk-taking... This blinkered approach to risk management has implications for the cost and availability of credit, the system's ability to absorb shocks, and its adoption of new technologies and embrace of innovation."

Gould's confirmation is expected to foster a crypto-friendly regulatory environment, with implications for stablecoins and banking-crypto interactions. His appointment awaits President Trump’s final signature. Gould, who previously held the position of Chief Legal Officer at Bitfury, initially faced opposition from Senator Cynthia Lummis during procedural voting due to concerns on stablecoin legislation but received her support in the final vote. The confirmation of Gould as the OCC head is significant for several reasons. Firstly, it provides stability to the agency, which has been operating under acting leadership since 2020. Secondly, Gould's background in blockchain technology and his previous role at the OCC suggest that he may bring a unique perspective to the agency, potentially influencing its approach to emerging technologies and financial innovation. Lastly, his confirmation comes at a time when the banking industry is navigating various regulatory challenges and economic uncertainties, making his leadership crucial for the OCC's mission to ensure a safe and sound banking system.