Now Starring: Dodd?
Chris Dodd's former job as chairman of the Senate Banking Committee was far from that of a movie director; the pushback he received from the panel's Republicans was arguably tougher than that of a difficult actor.
But if the Connecticut Democrat had ever hoped for a life in movies, he may be getting closer to his wish. According to multiple media outlets, Dodd is the top contender to head the Motion Picture Association of America. A Los Angeles Times story reported he is the only candidate in negotiations for the job, which reportedly pays $1.2 million a year.
The story quoted Dodd spokesman Mike McKiernan as saying the former senator had not made a decision. "He's still talking to people in both the private and public sectors to figure out his next step," McKiernan told the paper.
Debating the Past
The Financial Crisis Inquiry Commission released its final report last month, but some corners of the DC policy world are still sparring over it.
Rep. Barney Frank, D-Mass., last week gave a sharp rebuttal to commission member Peter Wallison's finding that Frank had admitted to supporting failed housing policies. Wallison's assessment of what caused the crisis differs markedly from the majority of the commission, but his dissent was included in the overall report.
Frank said he never supported such policies and had in fact criticized Bush and Clinton administration moves that led people to buy homes they couldn't afford. Frank, the House Financial Services Committee's top Democrat, said he had supported affordable rental housing.
"The distinction between support of rental housing and of homeownership is critical, and Mr. Wallison's critique is based on conflating the two," the Massachusetts Democrat said in a press release. "This is an obvious error that cannot stand, especially as we begin to debate national housing policy."
In a response, Wallison, a fellow at the American Enterprise Institute, did not mince words.
"I wasn't criticizing him for supporting the affordable housing requirements" of Fannie Mae and Freddie Mac, "although it's absurd for him to argue that he wasn't a supporter in the past," Wallison told American Banker by e-mail. "I was simply pointing out that even he had now recognized that the affordable housing requirements were bad even for those they were intended to help."
New Promontory Gig
John C. Murphy Jr., a former general counsel at the Federal Deposit Insurance Corp., is leaving his current employer for the consulting firm Promontory Financial Group.
In April, Murphy will become head of Promontory Regulatory Analytics, a Promontory subsidiary that is still being formed. He is leaving the law firm Cleary Gottlieb Steen & Hamilton LLP, which he first joined in 1977.
Murphy became partner at Cleary Gottlieb in 1982. He was the FDIC's general counsel in the mid-'80s and has also been a special counsel to the Securities and Exchange Commission.
"Jack Murphy has been consistently recognized as one of the premier U.S. financial services lawyers, and we are thrilled that he has chosen to join Promontory," said Eugene A. Ludwig, the firm's founder and chief executive.
Leadership Run
Senate Banking Committee member Mike Johanns, R-Neb., announced last week that he was running for the chairmanship of the Senate Republican Conference. The position, the No. 3 slot in the Republican leadership, is currently filled by Sen. Lamar Alexander, R-Tenn. But Alexander is running for minority whip after the current whip, Arizona's John Kyl, announced he will retire.
From OTS to OCC
The Office of the Comptroller of the Currency named Grovetta Gardineer deputy comptroller for compliance policy.
Gardineer, a senior official at the Office of Thrift Supervision since 2006, will be responsible for OCC policy and examination procedures as they relate to consumer and anti-money-laundering rules. The appointment is effective Feb. 28. At the OTS, which under the Dodd-Frank Act will be eliminated and merged into the OCC, Gardineer has been managing director for corporate and international activities since 2008. Previously she was a lawyer at the FDIC.
Gardineer's appointment underscores "the wide-ranging opportunities that will be available to OTS staff joining our ranks," Senior Deputy Comptroller Tim Long said in a press release.
