April 26, 2022
Key Agencies Lack Formal Leadership
More than a year into the Biden Administration, a substantial number of federal agencies lack a Biden-appointed, Senate-confirmed leader. Even amid the highest inflation in a generation, none of the three primary banking regulators has a permanent, Senate-approved chair. Thus, many agency heads in the financial services sector are embarking on critical policy decisions without a congressional mandate.
A new AAF infographic shows the myriad states of ad hoc leadership arrangements under which key financial regulatory agencies are operating.