Senator Elizabeth Warren has questioned the head of the Office of the Comptroller of the Currency (OCC) in the Senate Banking Committee hearing about the bank charter application, which is linked to President Donald Trump’s World Liberty. The exchange mainly focuses on the proper disclosure of the company’s foreign ownership in its application to become a regulated U.S. bank.
Warren on UAE Stake’s
Warren referred to a recent report claiming that a UAE official secretly acquired a 49% stake in the World Liberty before the return of Trump. Under OCC rules, any shareholders holding 10% or more of the company applying for a bank charter must be fully disclosed. Warren asked the comptroller, Jonathan Gould, whether a large foreign stake was properly reported in the application.
Jonathan declined to discuss the details of any pending applications. He stated that the OCC would follow its normal regulatory procedures when reviewing the filing. Warren requested access to the unredacted application documents so the Senate Committee could verify compliance.
Warren argued that if the reported foreign ownership is not fully disclosed, then the application should be rejected. The senator raised national security and the conflict of interest concerns, saying that the foreign ownership of a U.S. bank tied to a sitting president could create a serious risk. She also warns that approving the charter without the proper transparency could damage the public trust in financial regulations.
Gould rejected the claims of political influence and maintained that the OCC would treat the application like any other. Lawmakers remain divided on how to regulate crypto companies seeking traditional banking licenses, particularly when foreign investors are involved.
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