The U.S. Federal Reserve is reportedly set to appoint Randall Guynn as its new director of supervision and regulation, according to sources familiar with the matter. This move places a Wall Street veteran with extensive banking connections in a prominent position overseeing the industry. Guynn, formerly a partner at law firm Davis Polk & Wardwell LLP, where he represented major U.S. lenders, is slated to succeed Michael Gibson, who retired in July after more than three decades with the central bank.
Since May 2023, Guynn has served as an advisor to Fed Governor Michelle Bowman, a Republican appointee who leads regulatory efforts at the central bank. The appointment remains subject to a vote by the Fed’s board of seven governors, the timing of which is currently unknown. Guynn will continue to report to Bowman in his new role. This selection represents a departure from past practice, as the Fed has traditionally filled this position with long-serving career staff. The supervision and regulation division is responsible for the Fed’s broad oversight of the banking sector, setting rules and examining the nation’s largest, most complex financial institutions.
Bowman brought in Guynn to assist in her efforts to overhaul banking rules and supervision practices implemented after the 2008 financial crisis. She believes that these rules have become overly burdensome and are hindering economic growth. A Fed spokesperson stated that since joining the Fed, Guynn has recused himself from any matters involving specific firms for which he performed legal work in the past year.
Guynn previously headed the Financial Institutions Group at Davis Polk and is recognised as an expert in banking regulation. During the 2008 financial crisis, he advised the Federal Reserve Bank of New York on its bailout of American International Group and assisted Freddie Mac in navigating its government conservatorship.
