In a speech at The Brookings Institution earlier this month, Michael Barr, Vice Chair for Supervision at the US Federal Reserve Board, shared his approach to making the financial system safer and fairer. Barr stressed that, in order to address the existing and emerging risks of a constantly changing financial system, regulation and supervision of the financial system must also evolve.
As a part of his work to increase fairness in the financial system, Barr pledged to use the tools available to him to ensure that businesses and families are equipped to make good financial decisions and avoid being exploited. While many see financial stability and fairness as distinct concerns, Barr sees them as intrinsically linked, as financial instability disproportionately harms those who are economically vulnerable.
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