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September 7, 2022

Federal Reserve’s Vice Chair for Supervision Outlines Values-Based Agenda to Protect Financial Consumers and Stability While Promoting Innovation & Economic Growth

WASHINGTON, D.C.—Dennis Kelleher, President and CEO of Better Markets, issued the following statement after the Federal Reserve Board’s Vice Chair for Supervision Michael S. Barr gave his first speech since being sworn into office. Better Markets released a detailed agenda for the incoming Vice Chair upon his confirmation by the Senate in July.

“Michael Barr, the Federal Reserve’s Vice Chair for Supervision, has only been on the job for six weeks, but he is clear about his values and priorities: protecting jobs, savings, and economic growth by protecting financial consumers and financial stability.  He knows what is at stake for Main Street families, observing that ‘the savings of every retiree, the job of every worker, the payroll of every business, and the well-being of every individual depend on a safe and stable financial system.’

“Vice Chair Barr understands his job is to ensure that the U.S. has a strong, stable, resilient, and well-regulated financial system that is fully capable of supporting the real productive economy in good times and bad.  Recognizing that robust, sustainable economic growth depends on innovation, he made clear that he is nonetheless aware of the need to thoughtfully address the risks and be rigorous in evaluating the claimed benefits of innovation.  He will undoubtedly be ruthlessly analytic, and data driven.

“Of course, the details on capital, stress tests, resolution, climate, and other financial rules are critically important, and will come over the next several months and years, but the Vice Chair knows that those are just the means to an end of a safer and fairer financial system that serves the needs of households and businesses.  As he said, the issue isn’t about having too much or too little regulation, but about having the right regulations in place.  Done right, the financial system will enable broad-based and inclusive growth as well as wealth creation, leading to economic security, opportunity, and prosperity for all Americans.”

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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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