September 18, 2023 | The American Prospect
Activists are pushing Fed vice chair Michael Barr and his deputy Kevin Stiroh to force the financial sector to take climate change seriously.
August 29, 2023
Press Release: Revolving Door Project Decries Fed’s Lack Of Action On Climate Risk Mitigation At Jackson Hole Summit, Calls For Immediate Change Of Course
At the conclusion of the Kansas City Fed’s annual Jackson Hole Economic Symposium, Revolving Door Project Senior Researcher Kenny Stancil and Research Assistant Henry Burke released the following statement:
August 24, 2023 | The American Prospect
In advance of his Jackson Hole speech, the Fed chair has neglected his role of ensuring the safety and soundness of banks with substantial fossil fuel assets.
April 26, 2023
The Fed report is being written by Vice Chair for Supervision Michael Barr, whose own failures ought to be among the report’s focuses.
April 18, 2023
One of the flashing-red warning signs about SVB’s bad balance sheet was the huge cash advances it was taking out of the FHLBank system.
April 06, 2023
Despite years of our best advice, and indeed the better judgments of Sen. Elizabeth Warren and other progressives in Congress, government watchdogs like Americans for Financial Reform (AFR) and others, nearly one year ago President Joe Biden disappointed his responsibility to the public and to his own economic agenda by renominating Donald Trump’s hand picked head of the Fed: Jerome Powell. Biden bafflingly stuck by Powell despite his years of betraying labor unions, environmental groups and frontline communities, and the middle class. As a result, broad coalitions of folks concerned about the climate crisis, about the long term safety and stability of our financial system, about attacks on labor and the working class, about housing insecurity and the long term impacts of the pandemic, mobilized against Powell’s renomination because his storied track record of, well, making each of these things (and more!) worse.
March 15, 2023
As of now, Barr is assigned to investigate supervisory failures that occurred under his watch featuring a bank that catered in particular to the crypto and fintech industries which Barr was so active in immediately prior to revolving back into government. Barr is a walking conflict of interest. His central role in the investigation is damning
March 02, 2023
Workers Beware: Biden’s Potential Fed Pick Prescribes Unemployment & Reduced Social Security Benefits
Karen Dynan has been reported as one of a few economists on Biden’s shortlist to replace Lael Brainard on the Federal Reserve Board of Governors. While her proponents have highlighted the Harvard-trained economist’s perfect centrist resume, her recent statements on how best to tackle inflation should concern workers and their allies. And this blithe analysis concerning unemployment should come as no surprise – Dynan, like Biden’s foils in the GOP, believes cuts to Social Security benefits are likely.
September 23, 2022 | Revolving Door Project Substack
Few of the pundits who sprang to Jerome Powell’s defense last year have acknowledged that their analysis was exactly wrong.
May 16, 2022
Most of Barr’s holdings are in firms backed by Nyca Partners, a fintech-focused venture capital fund built by Wall Street and Silicon Valley veterans which Barr has advised for years.
April 14, 2022
Over a decade after the financial crisis, few would still dispute that the revolving door between financial regulators and the financial industry helped pave the way for economic disaster. In the years preceding the crash, regulators who came from the country’s largest banks and planned to promptly return to them, removed regulatory restraints and turned a blind eye to the predictably dangerous effects (see, e.g. Robert Rubin and Alan Greenspan). In the next administration, different regulators drawn from the same well let the fraudsters off the hook and left the working people who had fallen victim to them out to dry.
April 12, 2022
“Michael Barr was too close to fintech and cryptocurrency schemers to be the Comptroller of the Currency, and he is still too close to them to be Vice Chair for Supervision.”