“Much has changed in the financial services marketplace since Michael Barr played a central role in crafting Dodd-Frank. Banks of all sizes have demonstrated their strength and resiliency during an unprecedented global pandemic, banks face increased competition from fintech and crypto firms that currently don’t need to comply with bank rules, and in 2018, Congress passed bipartisan regulatory modifications that allowed banks, particularly community banks, to better serve their customers and communities. Given these changes, it will be important for the Senate to thoughtfully examine Michael Barr’s views on a range of current regulatory and economic issues. We congratulate him on his nomination and look forward to learning more about his policy perspectives during the confirmation process.”
About the American Bankers Association
The American Bankers Association is the voice of the nation’s $23.6 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.4 trillion in deposits and extend $12 trillion in loans.