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September 19, 2022

Federal Reserve Vice Chair for Supervision Michael Barr Has the Right Goals, Priorities and Agenda for a Safer and Fairer Financial System

WASHINGTON, D.C.—Dennis Kelleher, President and CEO of Better Markets, released a letter sent today to Federal Reserve Board’s Vice Chair for Supervision Michael S. Barr in connection with his first speech:

“Federal Reserve Vice Chair for Supervision Michael Barr has the right goals, priorities, and agenda, as we detailed in a letter to him today.  Following up on his inaugural speech, we pointed out that he outlined an ambitious but realistic set of priorities for his term that focused on consumer protection and systemic stability, with the overarching goals of making the financial system both safer and fairer while it supported the real economy, growth, and jobs. These are exactly what is needed at a time of unprecedented and increasing uncertainty in the economy, with heightened and expanding risks to our financial system and consumers, and ever-increasing wealth and income gaps.

“As Vice Chair Barr said after his speech, we must have an ‘appropriate level of regulation addressing the right goal.’ With values-based regulations and supervisory oversight programs, the priorities laid out in his speech can achieve the goals of making the system safer and fairer. Our letter today outlined specific policy actions that will facilitate achieving those priorities and ensure the right values and goals are the foundation of future regulations to protect the financial security and improve the lives of all Americans.”

For more information, see the detailed agenda Better Markets previously released regarding Fed supervision and regulation.

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Better Markets is a non-profit, non-partisan, and independent organization founded to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.

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