Trump Bank Regulator Wants to Merge Taxpayer-Backstopped Banks With Corporate Conglomerates
By Pam Martens and Russ Martens
Posted December 2, 2017
A man holding one of the most important and powerful jobs for keeping the U.S. banking system safe from another epic crash like that of 1929 and 2008 has tongues wagging over the bizarre speech he delivered at the Clearing House Annual Conference last Wednesday in New York.
Keith Noreika is the acting head of the Office of the Comptroller of the Currency (OCC), the Federal agency responsible for supervising national banks and inspecting them for safety and soundness.
What Noreika recommended last Wednesday, however, would make the U.S. banking system significantly more dangerous than it already is. Noreika thinks there is no good reason to prevent giant corporate conglomerates from owning insured depository banks that are backstopped by the U.S. taxpayer. Noreika must have spent the last nine years in a coma from which he has just emerged with this insane epiphany. More…