U.S. President Joe Biden on Friday said he would nominate former Treasury official Michael Barr to be the Federal Reserve's Wall Street cop, replacing Sarah Bloom Raskin, who withdrew in March.
Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File PhotoWASHINGTON, April 15 - U.S. President Joe Biden on Friday said he would nominate former Treasury official Michael Barr to be the Federal Reserve's Wall Street cop, replacing Sarah Bloom Raskin, who withdrew in March after failing to win support from moderate Democrats.
Barr will have to decide carefully which of these he believes he can reverse, given such changes are likely to be contentious and time-consuming.Climate change, a top policy priority for Democrats, is expected to rapidly rise on the Fed agenda. Fed officials may end up treading more carefully than progressives had hoped, as Raskin's nomination was ultimately sunk by concerns she would push too aggressively on climate risk.The Fed's position on bank M&A is expected to become tougher under a new supervision chief. Progressive Democrats generally oppose bank tie-ups, arguing that they reduce competition and hurt consumers, and many deals were delayed after Quarles stepped down from the supervision role in October.
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