The head of the Office of the Comptroller of the Currency told lawmakers during a congressional hearing that Democratic lawmakers are the only source of political pressure in the agency's decision on World Liberty's charter application. The OCC chief also denied that President Trump directed the agency's actions, pushing back on allegations that the administration influenced the process.
Hearing focuses on charter allegations
Testifying before a House panel, the OCC chief faced questions about the agency's handling of World Liberty's request for a national bank charter. Several lawmakers pressed the official on whether the Trump administration had pushed the OCC to approve the application over concerns from career staff. The chief flatly denied acting on the president's behalf, stating that the sole political pressure came from Democratic members of Congress.
“The only political pressure I have received regarding this application has come from Democratic members,” the OCC chief said, according to a transcript of the exchange. The statement drew sharp responses from both sides of the aisle, with Democrats demanding further documentation and Republicans defending the agency's independence.
Stablecoin regulation also on the table
The hearing also addressed the GENIUS Act, a stablecoin regulatory initiative that would establish federal oversight for digital dollar-pegged tokens. The bill, which has bipartisan support in draft form, aims to create a clear licensing framework for stablecoin issuers. The OCC chief expressed support for the legislation but cautioned that it must preserve state-level regulatory authority.
“Stablecoins that are properly backed and supervised could offer real benefits, but we need guardrails,” the official said. The GENIUS Act would require issuers to hold reserves in cash or equivalent assets and submit to regular audits. Lawmakers asked whether the OCC would serve as the primary federal regulator under the bill; the chief said the agency is prepared to take on that role if Congress designates it.
What’s next for the charter and the bill
The OCC has not yet issued a final decision on World Liberty's charter application. The chief said the agency is still reviewing public comments and internal analysis, with no set deadline for a ruling. Meanwhile, the GENIUS Act is expected to see mark-up in committee within the next month. Both issues are likely to surface again in oversight hearings as the congressional session continues.
