WASHINGTON – After months of tension as the Biden government named an acting currency auditor, reports circulated this week that the Treasury Department should appoint Michael Hsu, a senior Federal Reserve official.
It is still a mystery who the administration will nominate for permanent employment after several names have been announced. The new leadership of the Office of the Currency Verifier will face a long list of tough policy issues, from reforming the Community Reinvestment Act to determining the agency's progress in its efforts to offer charter options to fintech companies.
An interim controller would likely play a key role in moving the ball forward on several issues until the administration candidate is confirmed.
If Hsu is officially tapped for the job, Democrats would welcome the move. Many have accused the White House of leaving the agency on autopilot since Trump's agent Brian Brooks resigned at the end of the previous administration and the baton shifted to Blake Paulson, an OCC career veteran. They say the delay in appointing a new incumbent controller wasted time advancing on several political fronts.
Here are five policy areas that will face a future currency converter on day one.