Claw of the land

26 January 2021 By Gina Chon Follow @GinaChon

The new Treasury chief could revive an unfinished 2016 rule on pay intended to discourage excessive risk-taking. Some banks use clawbacks already, but they differ widely. Ambitious watchdogs will spy a chance to please progressives, but a consistent approach makes sense anyway.

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U.S. President Joe Biden is considering tapping Michael Barr as his nominee to lead the Office of the Comptroller of the Currency, the Wall Street Journal reported on Jan. 20. Barr was assistant secretary for financial institutions at the Treasury Department under then-President Barack Obama and worked on the Dodd-Frank legislation, which passed in 2010. Since leaving government, he has been teaching at the University of Michigan and was an adviser to Ripple Labs.

Biden has also nominated Gary Gensler, former head of the Commodity Futures Trading Commission, to lead the Securities and Exchange Commission.

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