Next Fed Supervision Vice Chair Must Restore Bank Oversight
By Phillip Basil (October 7, 2021, 5:08 PM EDT) -- The last four years were bad for bank supervision and regulation. The priorities were to weaken regulations and to soften supervision to make it fairer and less assertive to banks.
Indeed, as a Wall Street Journal headline put it in 2018, "Banks Get Kinder, Gentler Treatment Under Trump." With a vice chair for supervision appointed by then-President Donald Trump pushing the Federal Reserve's supervision and regulation priorities since 2017, a dangerous deregulatory agenda and a restrained supervisory program were implemented with the support of Fed Chair Jerome Powell and others, although opposed by Fed Gov. Lael Brainard.
That agenda was broad-based and...
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