In a brief Friday statement, the White House said it had sent the nomination to the Senate, where Senate Banking Committee Chairman
Trump’s highly unusual move to try to install an industry friendly watchdog at the end of his administration has been blasted by Democratic lawmakers, who argue the president is refusing to accept the results of this month’s election.
If Crapo, an Idaho Republican, succeeds in fast-tracking Brook’s confirmation, Biden would then have to decide whether to remove him after the Jan. 20 inauguration. While the law indicates Biden can oust Brooks, such authority has never been used before. Biden’s acting Treasury Secretary could immediately remove Brooks if he fails to win Senate approval.
Most of the major regulations for U.S. banks are written and approved in collaboration among the Federal Reserve,
Brooks is racing to finish a
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