Julie L. Williams is Gene Ludwig's favorite lawyer. She's just been promoted by the comptroller of the currency to be the agency's chief counsel; the job is hers Aug. 1.

Mr. Ludwig hired Ms. Williams away from the Office of Thrift Supervision after he took office in May 1993. For the last year, she has spearheaded the comptroller's campaign to revamp rules so they are easier to understand and follow.

The first regulation through the overhaul process: loans to one borrower.

Industry comments on Ms. Williams' simplified version were due in April, but the changes are on hold while bank regulators figure out how market-to-market accounting rules will affect the definition of capital. lending limits are keyed to capital totals.

Eventually all the agency's rules will be reviewed.

While Ms. Williams will keep a hand in the reg-overhaul project, her job will be much broader next month.

Ms. Williams' new responsibilities will include corporate transactions, securities, and insurance, as well as enforcement and litigation.

With new activities now taking place in banking and ground breaking legislation in the near future, she sees this as one of the most exciting times to become the OCC's chief counsel.

"It's a cutting-edge time in banking," Ms. Williams said.

Ms. Williams, 44, joined the OTS' predecessor, the Federal Home Loan Bank Board, in 1983 after eight years with Fried, Frank, Hams, Shriver & Kampelman law firm here. She earned her JD at Antioch School of Law, also in Washington.

Julie Williams

Chief counsel, Office of the Comptroller of the Currency

250 E St. SW

Washington, D.C. 20219

202-874-5200

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