Wall Street Can't Beat Its Nemesis at Treasury

When banks and their Washington lobbyists try to assign blame for the thrashing they've taken in the battle over financial regulation, one name usually comes up: Michael S. Barr.

The 44-year-old assistant Treasury secretary is one of several Administration officials charged with pushing the overhaul measure to final passage, expected in the coming weeks. A law professor and devotee of behavioral economics, Barr has championed policies especially disliked by Wall Street, including the creation of a consumer financial protection agency and the so-called Volcker Rule prohibiting banks from trading for their own accounts. "Our view is that he doesn't understand the industry very well, doesn't have a background with the industry, and has a philosophy that is inimical to free enterprise," says Wayne Abernathy, executive vice-president of the American Bankers Assn.