Policy & Regulation

The guessing game is over about President Biden’s pick for Federal Reserve chair, but several names are in the mix for three additional vacancies on the board, including vice chair for supervision.

The Senate Banking Committee is considering hearings as early as December on the nominations of Federal Reserve Chair Jerome Powell for a second term as leader of the nation’s central bank and the elevation of Fed Gov. Lael Brainard to become vice chair.

The collapse of Archegos Capital Management revealed vulnerabilities at the banks supervised by the Federal Reserve, the U.S. central bank said in a report released Wednesday.

JPMorgan Chase once again stands alone as the world’s most systemically important bank after global financial regulators recommended a higher capital burden for the firm.

The president has selected Jerome Powell to serve a second four-year term as Federal Reserve chair and chosen Gov. Lael Brainard as the next vice chair.

Two progressive Democratic senators said they oppose the renomination of Federal Reserve Chair Jerome Powell to a second term, joining Elizabeth Warren in urging President Biden to choose someone else.

The Independent Community Bankers of America made the rare move of urging senators not to confirm Saule Omarova to lead the Office of the Comptroller of the Currency. The group argued that some of her proposals could have drastic consequences for the industry.

No matter the outcome of the confirmation battle over Saule Omarova — the Biden administration nominee for comptroller of the currency whom many bankers view as too liberal — policymakers must still resolve this fundamental question: Are banks public utilities or private companies with special privileges?

Senate Banking Committee Chairman Sherrod Brown said Tuesday he has no doubt the Senate would confirm either Federal Reserve Chair Jerome Powell to a second term or his possible successor, Fed Gov. Lael Brainard.

The problems were revealed during recent examinations conducted by the Federal Reserve Bank of New York on the Chinese bank’s U.S. operations.