John G. Walsh
Encyclopedia
John G. Walsh is an American economist
and acting Comptroller of the Currency. He had been Chief of Staff and Public Affairs at the office since October 2005 and became interim Comptroller on August 15, 2010 following John Dugan
.
Walsh previously served as executive director of the Group of 30, a nonprofit consultative group that studies international economic and monetary affairs. He has served on the staff of the Senate Banking Committee from 1986 to 1992 and as an International Economist for the US Treasury Department from 1984 to 1986. He has also been an International Program Analyst at the Office of Management and Budget, has worked with the Mutual Broadcasting System
, and served in the U.S. Peace Corps in Ghana.
The following day, three senators -- Jack Reed (D-RI), Carl Levin
(D-MI), and Jeff Merkley
(D-OR) -- called for a "fundamental rethink of the OCC's leadership" arguing that Walsh "is not interested in leading an agency charged with ensuring the safety and soundness of our financial institutions".
The OCC released a statement on June 23 suggesting the senators took Walsh's speech out of context and defending the Comptroller.
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and acting Comptroller of the Currency. He had been Chief of Staff and Public Affairs at the office since October 2005 and became interim Comptroller on August 15, 2010 following John Dugan
John C. Dugan
John C. Dugan was the 29th Comptroller of the Currency for the United States Department of the Treasury, sworn in August 2005. He completed his term on August 14, 2010....
.
Walsh previously served as executive director of the Group of 30, a nonprofit consultative group that studies international economic and monetary affairs. He has served on the staff of the Senate Banking Committee from 1986 to 1992 and as an International Economist for the US Treasury Department from 1984 to 1986. He has also been an International Program Analyst at the Office of Management and Budget, has worked with the Mutual Broadcasting System
Mutual Broadcasting System
The Mutual Broadcasting System was an American radio network, in operation from 1934 to 1999. In the golden age of U.S. radio drama, MBS was best known as the original network home of The Lone Ranger and The Adventures of Superman and as the long-time radio residence of The Shadow...
, and served in the U.S. Peace Corps in Ghana.
Career at the OCC
The OCC's main tasks under Walsh's leadership have been:- Continued supervision of the national banking system as the country emerges from recession
- Implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act's new requirements, including the transfer of the Office of Thrift SupervisionOffice of Thrift SupervisionThe Office of Thrift Supervision was a United States federal agency under the Department of the Treasury that charters, supervises, and regulates all federally- and state-chartered savings banks and savings and loans associations. It was created in 1989 as a renamed version of another federal agency...
's functions into the OCC - Completion of the Basel IIIBasel IIIBASEL III is a new global regulatory standard on bank capital adequacy and liquidity agreed upon by the members of the Basel Committee on Banking Supervision. The third of the Basel Accords was developed in a response to the deficiencies in financial regulation revealed by the global financial...
capital accord
Controversial issues
On June 21, 2011 Walsh spoke before the Centre for the Study of Financial Innovation in London, warning about the dangers of excessive financial regulation. He called it a "swinging pendulum problem" and expressed his view that "we are in danger of trying to squeeze too much risk and complexity out of banking as we institute reforms to address problems and abuses stemming from the last crisis".The following day, three senators -- Jack Reed (D-RI), Carl Levin
Carl Levin
Carl Milton Levin is a Jewish-American United States Senator from Michigan, serving since 1979. He is the Chairman of the Senate Committee on Armed Services. He is a member of the Democratic Party....
(D-MI), and Jeff Merkley
Jeff Merkley
Jeffrey Alan "Jeff" Merkley is the junior United States Senator from Oregon. A member of the Democratic Party, Merkley was a five-term member of the Oregon Legislative Assembly representing House District 47, located in eastern Multnomah County within the Portland city limits...
(D-OR) -- called for a "fundamental rethink of the OCC's leadership" arguing that Walsh "is not interested in leading an agency charged with ensuring the safety and soundness of our financial institutions".
The OCC released a statement on June 23 suggesting the senators took Walsh's speech out of context and defending the Comptroller.