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January 3, 2014

Federal Reserve Asks Financial Industry Lobbyists For Personnel Recommendations

Financial industry lobbyists are among those being asked to suggest who should replace Sandra Braunstein, the retiring Federal Reserve official who oversaw the regulator’s lackluster efforts to protect consumers in the years preceding the U.S. mortgage meltdown.

Braunstein, who has led the Fed’s consumer affairs division since April 2004, did not respond to an emailed request for comment. Her plan to leave the Fed has not been previously reported, nor has the Fed’s outreach to identify potential replacements.

As Braunstein prepares to leave her post, concerns are mounting among consumer advocates that the Fed may pick a financial industry ally who may want to weaken consumer protections. Lonnie Taylor of Diversified Search, an executive search firm retained by the Fed, has asked financial industry lobbyists for recommendations on who should replace Braunstein, people familiar with the matter said.”

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Read full Huffington Post article here

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