President Joe Biden will nominate Michael Barr to be the Federal Reserve’s top regulator in charge of big banks. Barr, who served as assistant Treasury secretary for financial institutions during the Obama administration, seen here at a Treasury Department meeting in Washington, D.C. on Nov. 30, 2010.
Andrew Harrer | Bloomberg | Getty Images
The Federal Reserve’s new banking regulator outlined a broad agenda in a speech Wednesday that pushed for action on stablecoins, climate change preparations and both the safety and fairness of the finance industry.
Fed Governor Michael Barr, whose title of vice chair for supervision gives him broad powers over the nation’s banks, gave his first policy speech since being confirmed by the Senate.
Among his priorities: a push for Congress to enact comprehensive regulation over stablecoins, or cryptocurrencies pegged to other assets, often currencies.
He also said that next year the Fed will launch an exercise “to better assess the long-term,...
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