The Senate voted 66-28 today to approve consumer advocate Michael Barr for the Federal Reserve’s top regulatory job. Barr is expected to bring a tougher approach to the nation’s megabanks but also openness to new financial technology.
Barr will take on his new role as regulators grapple with whether to make it harder for banks to grow larger through mergers, how lenders should prepare for the fallout from climate change and what role they should assume in the volatile markets for cryptocurrencies. He will also have a vote on interest rates as the central bank engages in an aggressive war against surging inflation.
He could, for example, work to toughen the annual “stress test” that big banks face, where each lender’s management and books are graded on how they would fare during a hypothetical recession. Barr’s nomination was a quick turnaround after the White House was forced to withdraw Raskin. Her onetime calls for the Fed to assert itself more on climate change issues led to opposition from all Republicans as well as from Sen.
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