U.S. Bank Regulator Acquired Bank Stock While Nomination Was Under Review
April 25 2018 - 1:49PM
Dow Jones News
By Ryan Tracy
WASHINGTON -- A senior U.S. financial regulator purchased bank
stocks while his nomination for the job was under review, financial
disclosures indicate.
Comptroller of the Currency Joseph Otting was confirmed for the
post in November and sold the stock in January, according to forms
he has filed with U.S. agencies including the Office of Government
Ethics.
In a financial disclosure signed by Mr. Otting on Feb. 20, 2018,
he lists the sale of stock in Wells Fargo & Co., Goldman Sachs
Group Inc., Morgan Stanley and KeyCorp., among other financial
firms. It isn't clear exactly when he purchased shares in those
companies. But financial disclosures dated March 2017 and released
after the White House nominated him for the job don't list stakes
in those banks.
The most recent disclosure, dated February 2018, is awaiting
certification by the Office of Government Ethics.
All of those banks have subsidiaries regulated by the
comptroller's office. Wells Fargo agreed to a major settlement with
the office last week related to misconduct at the huge bank.
A spokesman for Mr. Otting said Wednesday he "has met all of his
ethical obligations and remains committed to the highest ethical
standards."
Mr. Otting divested the stock after taking office in compliance
with ethics rules that are meant to guard against conflicts of
interest. Those rules didn't apply to him before he took
office.
The OCC spokesman also said Mr. Otting uses a professional money
manager and "has not made individual decisions regarding specific
stocks or securities for several years."
Write to Ryan Tracy at ryan.tracy@wsj.com
(END) Dow Jones Newswires
April 25, 2018 13:34 ET (17:34 GMT)
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