WASHINGTON — In the wake of a public disagreement over a pending proposal, a House panel is asking the Treasury Department to disclose the role it played in the Office of the Comptroller of the Currency's rulemaking on preemption.
"We seek assurances that the Treasury has permitted the OCC to act independently in the rulemaking for this and all provisions of the Dodd-Frank Act," wrote Randy Neugebauer, the chairman of the House Financial Services Subcommittee on Oversight.
In an unusual move, Treasury submitted a public comment letter on June 28 criticizing the OCC's preemption proposal.
Under the law, the Treasury secretary "may not delay or prevent the issuance of any rule or the promulgation of any regulation or proceeding before the Comptroller of the Currency."
Neugebauer noted the law also states Treasury "may not intervene in any matter or proceeding before the Comptroller of the Currency (including agency enforcement actions), unless otherwise specifically provided by law."
Neugebauer is asking Treasury to release all documents, records or communications created by Treasury officials or advisors (including the Consumer Financial Protection Bureau), regarding the OCC's preemption proposal. He also asked for a chronology of all meetings and discussions between any current or former Treasury officials, employees or advisors, or other related party regarding the plan.
A Treasury spokesperson did not respond to a request for comment.
