Mnuchin says Trump has made his pick for key banking regulator

President Donald Trump has selected a candidate to be permanent head of a key Wall Street regulator, Treasury Secretary Steven Mnuchin said Thursday.

Responding to criticism over the department’s appointment of a banking-industry lawyer as acting comptroller of the currency, Mnuchin told members of the Senate Banking Committee that Trump’s prospective nominee is going through what may be a lengthy vetting process. Mnuchin didn’t name Trump’s pick.

Democratic Senator Chris Van Hollen of Maryland pointedly questioned the Treasury secretary over his move to install Keith Noreika as interim head of the Office of the Comptroller of the Currency, using an unusual maneuver to hand him the reins of the agency as a temporary employee while avoiding some of the standard ethics requirements of government appointees and the usual vetting of senior officials.

“We actually have someone who the president has approved that’s going through the FBI vetting process,” Mnuchin said at a hearing. Naming Noreika was “in no way an attempt to put someone in who wouldn’t be going through” vetting, he said.

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