Federal Reserve set to appoint veteran Wall Street lawyer Randall Guynn as top banking supervisor
The Fed plans to name Wall Street veteran Randall Guynn as its top bank regulator. He will lead efforts to overhaul industry rules and reduce division staff.
Insights:
The Federal Reserve is expected to name Randall Guynn as its director of supervision and regulation, replacing Michael Gibson in a move that would place a former Wall Street lawyer at the head of the central bank's oversight of the nation's largest financial institutions. The appointment is currently under discussion and pending a private vote by the Fed’s seven-member Board of Governors of the Federal Reserve System. This potential leadership change comes at a pivotal moment for the US 
US banking sector as the Fed implements a significant restructuring of its regulatory framework.
US banking sector as the Fed implements a significant restructuring of its regulatory framework.The director of the Division of Supervision and Regulation (Federal Reserve) is responsible for directing the Fed's oversight and rule-setting for the country's biggest banks. Selecting Guynn would mark a notable departure from a decades-long pattern of filling this position with long-serving Fed career staff. Instead, the board is looking toward a candidate with extensive legal ties to major financial institutions. Guynn is currently affiliated with Davis Polk & Wardwell LLP, where he has been a prominent member of the Financial Institutions Group (Davis Polk).
