Bush Announces OCC Nominee

President Bush has announced his intention to nominate John Dugan to oversee national banks as the new comptroller of the currency.Mr. Dugan is a partner at Covington & Burling in Washington, where he specializes in banking and financial institution regulation. He previously served as the Republican general counsel for the Senate Banking Committee and as assistant secretary for domestic finance at the Treasury Department. His nomination must be approved by the Senate before he can be sworn in as the new comptroller. "With proven experience in the public and private sectors, John Dugan is an outstanding choice to be the next U.S. comptroller of the currency," the American Bankers Association said. Former comptroller John Hawke Jr. resigned in October to return to his former law firm, Arnold & Porter. OCC career staffer Julie Williams is currently the acting comptroller.