Friday, June 15, 2018

Oh no, he never saw it


That sort of stuff was always let to the underlings to do. And that is why one of the nations top banking regulators never saw any discrimination.
Joseph Otting, one of the country’s most powerful banking regulators, repeatedly stumbled over questions from lawmakers this week on whether discrimination remains a problem in the United States, saying he had “personally never observed it.”

Otting, the U.S. comptroller of the currency, is a leading proponent of revamping the 1977 Community Reinvestment Act, which compels banks to lend to borrowers in low- and moderate-income neighborhoods. Democrats warn that rolling back the law could open the way for more discriminatory lending, and lawmakers peppered Otting with questions about the issue during two congressional hearings.

During a House Financial Services Committee hearing Wednesday, Rep. Michael E. Capuano (D-Mass.) asked Otting whether he believed “discrimination exists in America today.”

“I have personally never observed it, but many of my friends from the inner city across America will tell me that it is evident today,” Otting said.

Capuano pressed Otting, asking, “Do you believe that it exists?”

“People have told me it exists, and so I trust those people when they tell me that,” the comptroller responded.

Capuano returned to the question several times, asking Otting whether he had ever read about discrimination and whether he believed those reports. Otting’s response: “My experience with writers are they’re right half the time.”

Capuano eventually surrendered, as he ran out of time. “I’m going to give it up,” he said. “Mr. Otting, you got me. Never having seen discrimination, you’re a very lucky man.”

Later in the hearing, another Democratic lawmaker, Rep. Emanuel Cleaver II of Missouri, called Otting’s responses to those previous questions “stupefying, even jaw-dropping.” Cleaver asked Otting whether he was familiar with the white supremacist rally that rocked Charlottesville last August, leading to the death of a counterprotester.

“To be honest with you, I don’t watch TV,” Otting said. “I saw what was across the headlines, but I didn’t spend specific time to study or analyze what took place.”

Had he read any newspaper articles about the violence in Charlottesville, Cleaver asked?

“I don’t read a newspaper,” Otting said.

Cleaver then broached a topic that has roiled the banking industry for years: whether tech companies that want to offer some banking services should be required to comply with the same anti-discrimination laws as traditional banks.

“I am a big believer of minority inclusion,” said Otting, who began his career at Bank of America. Noting his more than 30 years of experience in the banking industry, he said: “There are many people who would say that Joseph Otting spent more time in the inner cities of America than most banking executives across the world. ”
Sgt Schultz could have put on a more entertaining appearence before the committee than Otting and the result would have been the same.

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