In a time of economic uncertainty, Brian Brooks, the Chief Legal Officer of Coinbase, has publicly stepped down from the company and is now moving on to serve the U.S. government as the Chief Operating Officer and First Deputy Comptroller of the OCC.
According to the Office of the Comptroller of the Currency (OCC), Brooks’ new position will become effective as of April 1st, 2020. The designation was made by the OCC’s current Secretary of the Treasury, Steven T. Mnuchin, stating that Brooks, “is a strong leader with extensive experience in the financial services sector,”
As part of his extensive experience, Brooks has served at the Chief Legal Officer at Coinbase since September 2018, and previously held the position of Executive Vice President, General Counsel, and Corporate Secretary of the U.S. Federal National Mortgage Association, often referred to as Fannie Mae.
A Considerable Asset To The OCC
According to Comptroller of the Currency, Joseph M. Otting, Brooks is a visionary thinker. With his experience, he already has a thorough understanding of how the financial industry works in conjunction with the prosperity of the nation.
On top of this, Brooks also holds a law degree from the University of Chicago, as well as a bachelor’s degree in government from Harvard. This, combined with his past experience, causes Otting to believe that “[The OCC] are fortunate to attract such an experienced and talented individual to join our federal agency.”
Aside from this, Brooks will also be stepping down from the Fannie Mae and Avant board of directors, where he’s served since March 2019, and 2017 respectively. He will be replacing former First Deputy and COO, Morris Morgan, who has announced his retirement, set for the end of April, once Brooks has been fully sworn in.
“Morris Morgan has dedicated his career to bettering this agency and promoting the safety and soundness of the federal banking system,” said Comptroller Otting said. “We will miss his voice and leadership on the agency’s Executive Committee and wish him the very best.”
A Fresh Perspective On Digital Currency
In the past, Brooks has advocated that the United States’ government needs to design its digital currency, similar to Bitcoin. This has left many wondering if a new, U.S.-based cryptocurrency could be on the horizon in the near future.
Regardless, Brooks’ new designation comes at a time when the U.S. economy could use any help it can get.
And according to Steven T. Mnuchin, “I look forward to working with him to ensure the stability of our financial system and its ability to foster greater economic growth for the benefit of all Americans.”