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Gary Cohn Gets Another Grown-Up In The Room

Jim Clinger loves banks and hates Dodd-Frank, but at least he's read it!
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After 150 rocky, not terribly productive, non-sequitur- and ad hominem attack-filled days, Donald Trump finally seems to be getting a handle on this whole presidenting thing. At least, the parts of presidenting that he’s left to his Goldman genius, Gary Cohn. Hot on the heels of the Treasury Department’s first report on regulatory reform, which contained a lot more reasonable-sounding rollbacks than full-on Randian regulatory dismantling—and, as old friend Matt Levine put it, ready as something that “seems to have been written by professionals who are familiar with bank regulation,” and at a whopping 150 pages is definitely 149 pages longer than the president’s attention span—Team Trump (Economics Division) is about to get another adult, this time to head the Federal Deposit Insurance Corp.

Cohn.Trump.Puppet

James Clinger, who has been serving as chief counsel for the House Financial Services Committee, could start serving on the FDIC board as soon as he is confirmed by the Senate and would take over as chairman in late November, when current FDIC Chairman Martin Gruenberg’s term ends.

Mr. Clinger has been a staffer on the House panel since 1995, with a break from 2005 to 2007 when he served as deputy assistant attorney general at the Justice Department, according to the White House.

When a retired neurosurgeon is running the country’s housing and an avowed opponent of public education is leading the Education Department, those are some impressive credentials for a job in bank supervision.

White House Intends to Tap GOP Staffer James Clinger for FDIC Chair [WSJ]
Trump Team’s Banking Proposals: Not Too Hot, Not Too Cold, Maybe Just Right [WSJ]
Bank Regulators and Cyber Ninjas [Bloomberg View/Matt]

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