The Federal Reserve has appointed Randall Guynn, a prominent Wall Street lawyer and lobbyist, as director of supervision and regulation, effective March 8. The move marks a departure from the Fed's practice since 1977 of filling the position with long-serving career staff. Guynn spent nearly four decades at law firm Davis Polk & Wardwell, where he chaired the Financial Institutions Group and advised major banks on regulatory issues. Dennis Kelleher, CEO of Better Markets, criticized the appointment as equivalent to "appointing a lifelong arsonist as a fire chief," warning it will favor the largest, most dangerous banks. A Cambridge University paper identified Guynn as part of "regulatory influence-seeking" that evades lobbying disclosure requirements. Kelleher predicted the appointment will crush small banks, harm the Main Street economy, and make another financial crash inevitable.
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