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.