Ranking Member Warren Probes Potential Conflict of Interests of Big Bank Lawyer Who Now Runs Fed's Supervision and Regulation Division

Ranking Member Warren Probes Potential Conflict of Interests of Big Bank Lawyer Who Now Runs Fed's Supervision and Regulation Division

"Particularly given your recent work representing major banks on issues that involve the Division of Supervision and Regulation, a reasonable party could raise questions regarding your impartiality"

Letter comes ahead of Randall Guynn's testifying in front of the House Financial Services Committee tomorrow

Text of Letter (PDF)

Washington, D.C. - Today, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to Randall Guynn, the new Director of the Division of Supervision and Regulation at the Federal Reserve, raising concerns about potential conflicts of interest given his prior representation of some of the largest U.S. banks.

"You were employed at Davis Polk for nearly forty years, from 1986 until 2025. Until recently, you were the chairman of Davis Polk's Financial Institutions Group. In this role, you were described as 'one of the country's top bank regulatory and bank M&A lawyers.' You also told Congress that you 'represent(ed) a large number of banks and other financial institutions."' wrote the Ranking Member.

"In your current role, you continue to be responsible for providing guidance and expertise to the Vice Chair - the top Fed official responsible for banking regulation and supervision - on supervision and regulatory matters," wrote the Ranking Member. "These matters almost certainly implicate the interests of your former clients, and some of these topics are matters on which you directly represented clients."

The Ranking Member concluded: "A Federal Reserve spokesperson suggested that you have already recused yourself from certain matters, and I am requesting information about those recusals and guidance you have received from the appropriate Federal Reserve ethics officials. We also seek confirmation that you have processes in place to ensure compliance with applicable internal Federal Reserve rules and rules that govern the relationship between lawyers and former clients."

The Senator requests written responses on the steps Guynn has taken to avoid potential conflicts of interests no later than April 7, 2026.

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