Courtesy of Pam Martens
U. S. Treasury Secretary Janet Yellen
You know there’s a problem when the media relations office at the Federal Reserve will not turn over the bio for one of its employees that Treasury Secretary Janet Yellen just tapped to be the acting head of a key Wall Street banking regulator.
After days of media rumors that Yellen was set to appoint Michael Hsu, an Associate Director of the Federal Reserve’s Division of Supervision and Regulation, to be the acting head of the Office of the Comptroller of the Currency (OCC), Yellen made the announcement official on Friday. Hsu is set to assume that position today.
We had attempted to obtain Hsu’s bio from the Federal Reserve for days. We were told they had no official bio. We asked for the resume Hsu provided when he was hired. We received no response. We then asked the Treasury Department’s media relations office for Hsu’s bio. We received no response.
What all the attempted secrecy is likely about is the fact that the organization chart for the Fed’s Division of Supervision and Regulation (that we sleuthed out on our own) shows that Hsu ranks significantly far down the chain of command at the Fed. In fact, ranking higher up in that Division than Hsu are six Senior Associate Directors; two Senior Advisers; three Deputy Directors; and one Director.
According to the Fed’s organization chart, Hsu had 10 people reporting to him at the Fed as of April. At the OCC, he’ll have 3,400 people.
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