In a surprise announcement, Comptroller of the Currency John Dugan (r.) says he will step down next month as the top U.S. bank regulator. Appointed by President George Bush, Dugan was instrumental in shaping the “stress tests” for the largest financial institutions, but often sparred with FDIC Chairwoman Sheila Bair about consumer matters. Former Federal Reserve Bank examiner Mark Williams, who teaches finance at the School of Management, say choosing Dugan’s successor is an opportunity for the Obama administration to send a signal that our banks will be held to a higher accountability and scrutiny.
“It is important to not repeat the error of the past and appoint a former lobbyist, as was Dugan, who is banker friendly. As an important industry watchdog, the head of the OCC needs to set the tone that banks will be regulated — not coddled.”
Contact Mark Williams, 617-358-2789, email@example.com