Your Grace, Your Excellency, Your Majesty, Your Honor, Your Eminence
Now, Republican lawmakers are ramping up their pressure on the Treasury Department to quickly nominate a new Vice Chair for Supervision at the Federal Reserve. One of the most important of these, and the one the vacancy has not been filled since Michael Barr walked away on how we’re ensuring there’s a proper regulatory baseline under the Department of Banking and how we move the U.S. economy forward, is that as we do this we have a new controller.
It’s time to bring the full strength of regulation to the Vice Chair for Supervision
Created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Vice Chair for Supervision is responsible for:
- Establishing regulatory policies: Creating rules and regulations that govern depository institution holding companies and other supervised financials by the Federal Reserve.
- Supervisory and regulatory oversight: Making sure financial institutions follow guidelines designed to ensure the safety and soundness of the banking system.
- Semi-Annual Reporting: Submitting biannual reports to Congress on the Board’s supervisory and regulatory activities to ensure transparency and accountability.
Without a permanent appointee, there may be regulatory uncertainty that could erode confidence in financial institutions and markets.
Concerns and Recommendations of Lawmakers
On March 3, 2025, thirty Republican members of Congress signed a letter to the Secretary of the Treasury, Scott Bessent, making the case for filling the vacancy of the Vice Chair.
