NEWS FLASH

Senate Democrats Call For Obama To Replace Bank-Friendly Regulator | On Tuesday, John Walsh, acting director of the notoriously bank-friendly Office of the Comptroller of the Currency, delivered a speech in which he criticized efforts to rein in the banking industry by forcing the biggest banks to adhere to higher capital requirements. “My view is 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,” he said. In response, three Senate Democrats — Sens. Jack Reed (D-RI), Carl Levin (D-MI), and Jeff Merkley (D-OR) — have publicly called on President Obama to replace Walsh. “He persists in arguing for the minimal capital standards and lax regulation that brought down our entire economy in 2008. It is time — way past time — for the President to nominate a leader for the OCC who is committed to building a solid long-term foundation for our economy,” Merkley said.