Senate Banking Committee Chair Brown urges Fed to stop deregulation until Biden picks nominees

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Senate Banking Committee Chair Brown urges Fed to stop deregulation until Biden picks nominees

The Senate's top Democrat in charge of bank oversight wants Federal Reserve Chairman to pause any financial deregulation until President Joe Biden nominates new members to the central bank. Sen. , chair of the Senate Banking Committee, urged Powell to stop rolling back industry regulations until the president has a chance to select a replacement for outgoing Fed Vice Chair for Supervision . "When Vice Chair Quarles was confirmed to his position, banking lobbyists cheered. Not only did he immediately set out a plan to shift post-crisis rules to benefitting industry interests over protecting working families, he dutifully continued his deregulatory efforts even as the economy was shaken by a global pandemic," Brown wrote in "A new direction for financial regulation must be determined by whomever the President chooses, and Congress confirms, to critical leadership positions on the Board," the Ohio Democrat added. Quarles' tenure as the Fed's top bank regulator ends Wednesday and opens yet another high-profile position at the central bank for the White House to fill in the coming months. His position will go unfilled until Biden nominates, and the Senate confirms, a new candidate to oversee the nation's lenders. "In light of the expiration of the

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