On July 8, Comptroller of the Currency John Dugan informed President Obama that he plans to leave office on August 14, which is essentially the end of his five year term. OCC Release. Letter to President Obama.
President Obama
Obama Proposes Restrictions on Financial Institutions
On January 21, President Obama proposed restrictions to limit the size and scope of financial institutions which would be part of a comprehensive financial reform bill that would authorize regulators to restrict or prohibit large firms from engaging in “risky” activities and attempt to safeguard taxpayers. White House Release.
Obama Proposes Financial Crisis Responsibility Fee
On January 14, President Obama proposed a Financial Crisis Responsibility Fee to be imposed on financial firms in order to recoup the projected $117 billion cost of TARP. The fee will be in place for 10 years, or longer if necessary to fully repay TARP. Only firms with more than $50 billion in consolidated assets will be subject to the fee. Covered institutions include U.S. firms, and U.S. subsidiaries of foreign firms, that were insured depository institutions, bank holding companies, thrift holding companies, insurance or other companies that owned insured depository institutions, or securities broker-dealers as of January 14, or that become one of these types of firms after January 14. White House Release. Financial Crisis Responsibility Fee Fact Sheet.