The chair of the Federal Reserve expressed some reservations today about having a role dedicated to developing bank regulation.
Michael Barr is currently the Fed’s vice chair for supervision – a job introduced via the 2010 Dodd-Frank Act – and he’s expected to resign from that role at the end of the month.
But under questioning from lawmakers, Chair Jay Powell said he wasn’t sure whether the role had been all that helpful for Fed policymaking. “For many years, as you know, we did our business without a vice chair for supervision,” Powell told Rep. Bill Huizenga (R-Mich.).
