WASHINGTON—Fed Governor Michael Barr, the Federal Reserve’s new banking regulator, has detailed a sweeping agenda in a speech that called for action on stablecoins, climate change preparations and both the safety and fairness of the finance industry.
His remarks come at nearly the same time the head of the SEC has outlined similar goals (see related story).
Barr, whose title of vice chair for supervision gives him broad powers over the nation’s banks, gave his first policy speech since being confirmed by the Senate, noted CNBC.
Among the priorities he outlined in his remarks: a push for Congress to enact comprehensive regulation over stablecoins, or cryptocurrencies pegged to other assets, often currencies, CNBC reported.
Exercise to Launch
According to Barr, next year the Fed will launch an exercise “to better assess the long-term, climate-related financial risks facing the largest institutions.”
And he said a push for a system that is not only financially sound but also fair, particularly to those at the lower end of the income spectrum with less access to banking services, would be a major priority, CNBC noted.
“Fairness is fundamental to financial oversight, and I am committed to using the tools of regulation, supervision, and enforcement so that businesses and households have access to the services they need, the information necessary to make their financial decisions, and protection from unfair treatment,” Barr said in the speech, which was made at the Brookings Institution in Washington.
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