ABA Statement on Nomination of Michael Barr to Serve as Fed Vice Chair for Supervision

“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.”