Exclusive-US Fed to tap former Wall Street lawyer Guynn for top bank oversight role, say sources

By Pete Schroeder and Chris Prentice

WASHINGTON, Feb 13 (Reuters) - The U.S. Federal Reserve is expected to sanction Randall Guynn arsenic its caller manager of supervision and regulation, said 2 radical acquainted with the matter, putting a Wall Street seasoned with heavy banking ‌ties successful a almighty presumption policing the industry.

Guynn, a erstwhile spouse astatine instrumentality steadfast Davis Polk & Wardwell LLP who has represented the largest ‌U.S. lenders, would regenerate Michael Gibson, who announced his status successful July aft much than 3 decades astatine the cardinal bank.

Guynn since May 2025 has been serving arsenic an advisor to ​Fed Governor and Vice Chair for Supervision Michelle Bowman, Republican President Donald Trump's prime to pb regularisation astatine the cardinal bank.

Guynn's planned appointment, which Reuters is the archetypal to report, is inactive taxable to a ballot by the Fed's committee of 7 governors, according to the sources. Reuters could not ascertain the timing of the vote, which is conducted successful private. Guynn volition proceed to study to Bowman successful the caller role.

The prime of Guynn for supervision and regularisation manager ‌would people a departure for the cardinal bank, which ⁠since astatine slightest 1977 has filled the occupation with long-serving Fed vocation staff, according to a Reuters reappraisal of Fed property releases.

Other Wall Street attorneys who person gone into authorities regulatory roles person recused themselves from dealing with firms ⁠they precocious represented. Bowman's Republican predecessor Randal Quarles, meanwhile, recused himself from matters relating to Wells Fargo owed to erstwhile fiscal interests helium and his household had held successful the bank.

A Fed spokesperson said that since joining the Fed past May, Guynn has recused himself from immoderate matters involving circumstantial firms for which helium did ineligible ​work ​in the past year.

The spokesperson declined to remark further.

SWEEPING RULES AND SUPERVISION OVERHAUL

The supervision ​and regularisation part is liable for the Fed's wide oversight ‌of the banking sector, which includes mounting rules for and examining the nation's largest, astir analyzable fiscal institutions.

Bowman brought successful Guynn to assistance execute her sweeping effort to overhaul banking rules and supervision practices introduced pursuing the 2008 fiscal crisis. She has argued that those rules, arsenic good arsenic supervision, person grown excessively onerous and are stifling economical growth, but has besides said that her extremity is to sharpen manufacture oversight alternatively than bounds it.

Bowman has announced plans to restructure the part of supervision and regulation, including by reducing its headcount astir 30% to astir 350 radical - mostly via earthy attrition, retirements and ‌voluntary redundancies. Gibson took a voluntary buyout.