President Donald Trump said Herman Cain, the former pizza company executive who ran for the 2012 Republican presidential nomination, is being vetted for a seat on the Federal Reserve Board.
He would be the second controversial pick by the president to join the central bank in the past few weeks; the JPM CEO said there are too many “onerous and unnecessary” rules.
Sens. Sherrod Brown, D-Ohio, and Ron Wyden, D-Ore., pressed Stephen Moore for details about reports that he owes more than $75,000 in taxes and failed to pay more than $300,000 in alimony and child support.
Under the plan, large banks would have to hold additional capital if they purchase another bank's "loss-absorbing" debt that is used to contain fallout from a collapse.
Randal Quarles, a senior Fed official and chair of the Financial Stability Board, sparked debate with a speech about the risks and rewards of companies like Amazon, Facebook and Apple entering the financial system.
American Banker won 11 journalism awards during the past week, including its first Grand Neal, the highest of the honors announced at this year's Jesse H. Neal business journalism awards.
The bank's decision to select its general counsel as successor to Tim Sloan, albeit on a temporary basis, focused attention on its frayed relationships with the Federal Reserve and the OCC.
