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| July 9, 2010: John C. Dugan, the 29th U.S. Comptroller of the Currency, announced yesterday, Thursday, July 8, 2010, that he plans to resign on August 14, 2010. Dugan has held the post since August, 2005. In his resignation letter to President Obama, Dugan noted that he has held the position during two administrations and under three Treasury Secretaries. The Office of the Comptroller of the Currency (OCC) is a division of the U.S. Department of the Treasury. Dugan noted that the banking system has strengthened since the worst days of the economic crisis. Dugan said the condition of the national banking system is much improved, "with credit trends getting better in a number of areas," according to the Treasury Department. "He added that it now seems likely that failed and failing national banks will be resolved without taxpayer losses, and that it seems equally likely that the government will earn a substantial profit from the extraordinary temporary assistance that it provided to national banks during the crisis," the department said. Dugansaid, “while the financial system continues to face significant challenges, national banks have stabilized, confidence has improved markedly, and institutions are now in a much stronger position to help fund economic recovery.” Before his appointment as Comptroller, Dugan was a partner at the law firm of Covington and Burling, where he chaired the firm’s Financial Institutions Group and specialized in banking and financial institution regulation. He previously worked at the Treasury Department from 1989 to 1993, and he was appointed as the Assistant Secretary for Domestic Finance in 1992. .From 1985 to 1989, he was the Counsel and Minority General Counsel for the U.S. Senate Committee on Banking, Housing, and Urban Affairs. |
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