{"id":391010,"date":"2010-03-04T14:51:24","date_gmt":"2010-03-04T19:51:24","guid":{"rendered":"tag:typepad.com,2003:post-6a00d8341c60fd53ef0120a8fbbf4c970b"},"modified":"2010-03-04T14:51:24","modified_gmt":"2010-03-04T19:51:24","slug":"state-regulator-recuses-himself-from-giannoulias-bank-oversight","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/391010","title":{"rendered":"State regulator recuses himself from Giannoulias bank oversight"},"content":{"rendered":"<p><em>Posted by John Chase<\/em> at 1:50 p.m.<\/p>\n<p>The head of the state agency that regulates banks said today he will recuse himself from matters involving the struggling family bank of U.S. Senate candidate Alexi Giannoulias because he once worked as a campaign aide to Giannoulias.<\/p>\n<p>Brent E. Adams, secretary of the Illinois Department of Financial and Professional Regulation, worked for one month as a policy adviser on Giannoulias\u2019 campaign for state treasurer in 2006, said department spokeswoman Susan Hofer. The department is working with the Federal Deposit Insurance Corporation in deciding whether Giannoulias\u2019 struggling family bank should be taken over by federal banking authorities.<\/p>\n<p>While Adams doesn\u2019t believe his stint with Giannoulias\u2019 campaign causes a conflict of interest he will not be involved in any decisions regarding the bank, Hofer said. Adams received $500 from Giannoulias\u2019 campaign fund for his work.<\/p>\n<\/p>\n<p>\u201cOut of an abundance of caution, Secretary Adams will recuse himself from any decision making relating to this bank,\u201d Hofer said.<\/p>\n<p>In January, Broadway Bank agreed to tougher government oversight as part of a consent order that requires it to raise $85 million by the end of April or face being taken over. The consent order was made with the FDIC and the state\u2019s Division of Banking, which is overseen by Adams\u2019 department. The state would issue an order if the bank is to be taken over but the decision is made in conjunction with the FDIC, Hofer said.<\/p>\n<p>\u201cAll regulatory actions with banks in trouble are done in partnership between the division of banking and the FDIC, which is exactly what happened when DoB and the FDIC took the appropriate remedial action against Broadway Bank and which is what will happen, if necessary, moving forward,\u201d Hofer said.<\/p>\n<p>A Giannoulias spokeswoman said the state treasurer was never asked to help Adams get his state job and never advocated on Adams\u2019 behalf. <\/p>\n<p>Adams was first hired by the state in July 2006 as an attorney for the division of financial institutions, which oversees credit unions and currency exchanges but not banks.<br \/><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Posted by John Chase at 1:50 p.m. The head of the state agency that regulates banks said today he will recuse himself from matters involving the struggling family bank of U.S. Senate candidate Alexi Giannoulias because he once worked as a campaign aide to Giannoulias. Brent E. Adams, secretary of the Illinois Department of Financial [&hellip;]<\/p>\n","protected":false},"author":3992,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-391010","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/391010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/3992"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=391010"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/391010\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=391010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=391010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=391010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}