Economics
Fed’s Bank-Watchdog Vacancy Spurs Louder Progressive Cries
- Biden Fed pick leaves opening for Wall Street regulator
- Liberal groups push for aggressive vice chair for supervision
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Progressive groups are doubling down on their push for an aggressive Wall Street watchdog after President Joe Biden delayed a decision about who will serve as the Federal Reserve’s vice chairman for supervision.
Biden’s long-awaited move to nominate Fed Chair Jerome Powell on Monday didn’t include an announcement of who would fill the watchdog role, which became vacant last month when Governor Randal Quarles’s term expired. Lael Brainard, who was tapped to be vice chair of the central bank, was previously considered a top contender -- so that could mean the regulation job stays vacant into next year.