This week, the Department of Housing and Urban Development [1] (HUD), Federal Reserve System [2], and Department of the Treasury [3] have a scheduled spot [4] on the Senate calendar for key nominations in their departments.
Paul Compton, Jr. of Alabama will be nominated to the General Counsel of HUD since the resignation of Helen R. Kanovsky; Joseph Otting of Nevada will be nominated to the position of Comptroller of the Currency for a term of five years since the term expiration of Tomas J. Curry; and Randal Quarles of Colorado will be nominated for reappointment to be a Member of the board of Governors of the Federal Reserve System for the term of 14 years from February 1, 2018.
Because of his history at OneWest, a regional bank with part ownership from Treasury Secretary Steven Mnuchin, Otting has been in the hot seat [5] in regards to his possible new position. Democrats have discussed various customers who suffered from foreclosures and were treated poorly.
In last weeks vote, Sherrod Brown (D-Ohio) said he was concerned that Otting and Quarles are more interested in serving Wall Street rather than the public saying, “"The White House looks like a retreat for Wall Street executives.”
The Senate nominations are scheduled for Tuesday, October 10.
Other events in the week ahead:
Bank Reserve Settlement [6], Wednesday, 2 p.m. EST
FOMC Minutes [7], Wednesday, 2 p.m. EST
JPMorgan Chase [8] Q3 2017 Earnings, Thursday 8:30 a.m.
Treasury Budget [9], Thursday, 2 p.m. EST
Fed Balance Sheet [10], Thursday, 4:30 p.m. EST
Bank of America [11] Q3 2017 Earnings, Friday 6:45 a.m.
Consumer Price Index [12], Friday, 8:30 a.m. EST
Consumer Sentiment [13], Friday, 10 a.m. EST