Fed’s Powell to Replace Tarullo in Oversight Role

The Federal Reserve tapped Jerome Powell to be the new point man overseeing how Wall Street banks are regulated.
Powell, who has been a governor on the board since 2012, was assigned to head the bank oversight committee, according to role changes posted on the Fed’s website Friday. The announcement comes days after Daniel Tarullo, the central bank’s regulatory czar stepped down after being in the position for the past eight years.

Powell’s appointment is unlikely to create a directional shift in the Fed’s supervision of the largest banks, including JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo (WFC). The former undersecretary of the Treasury for President George H. W. Bush, who was responsible for financial institution policy, among other areas, has largely shared Tarullo’s views on financial regulation.

via CNN

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza