Sarah Bloom Raskin's decision Tuesday to withdraw her nomination as the Federal Reserve's Wall Street cop further delays rule changes that have been in limbo since Randal Quarles stepped down as vice chair for supervision in October.
A Fed controlled by Democrats will pursue the same broad agenda regardless of who is in the supervision seat, and staff and governors may be able to work on some measures while the White House figures out a new nominee, analysts said.
Whoever replaces Quarles would have to pick which of these to address. Even if Raskin had been confirmed quickly, the process of overhauling many of these rules was expected to be extremely time-consuming.Climate change, a top policy priority for Democrats, is expected to rapidly rise on the Fed agenda under new leadership.
Fed officials may end up treading more carefully than progressives had hoped, as Raskin's nomination was ultimately sunk by concerns she would push too aggressively on climate risk.The delay in finding Quarles' replacement may compound a logjam in approving bank tie-ups since last year due to uncertainty over Fed personnel changes.
While other banking regulators have worked for years to bring fintechs under their regulatory umbrella, the Fed has resisted, fearing doing so could create systemic risks. But as the sector continues to balloon, the Fed is expected to act.Another issue on the table is the supplementary leverage ratio, a rule created after the decade-ago crisis requiring banks to hold capital against assets regardless of their risk.
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