A new Federal Reserve banking regulator may be coming soon to the Federal Reserve Board, the agency said Thursday.
The Federal Reserve’s Office of the Comptroller of the Currency is expected to be confirmed by Congress this month.
The Office of Federal Reserve Banks (OFRB) is a new branch of the U.S. Federal Reserve, created to ensure the safety and soundness of the system.
The office’s mission is to promote a stable, sound, and efficient financial system that will serve the needs of Americans and the economy.
The new office’s focus is on improving the regulatory, supervision, and enforcement of the nation’s financial institutions, particularly with respect to the issue of derivatives, according to a news release.
Under its new head, the new office will oversee the regulatory and enforcement activities of all Federal Reserve banks and the financial industry.
It will also work to protect the nation from foreign manipulation of the financial system.
In an interview with CNNMoney, Treasury Secretary Steve Mnuchin said the OFRB will play a central role in improving the financial stability of the Federal Open Market Committee and will have a “tangible impact” on the economy through its oversight of the dollar and other currencies.
“It will also provide a real and significant financial-market impact to the financial market, which is what I hope this new position will do,” Mnuchin told CNNMoney.
The new OFRB, according with the release, will also have “strong ties to Congress,” and the agency will “be able to develop policy that is focused on the needs and needs of the American people.”