U.S. Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, published a letter to Randall Guynn, the Federal Reserve’s new Director of the Division of Supervision and Regulation, raising concerns about potential conflicts of interest tied to his prior representation of large U.S. banks. The letter notes Guynn’s nearly four-decade tenure at Davis Polk from 1986 to 2025, including as chair of its Financial Institutions Group, and argues that his current role advising the Federal Reserve’s Vice Chair on supervision and regulatory matters could implicate the interests of former clients. Warren requested information on any recusals already in place, the ethics guidance he has received from Federal Reserve officials, and confirmation that processes exist to ensure compliance with relevant internal Federal Reserve rules and professional obligations governing relationships between lawyers and former clients. Warren asked for written responses by April 7, 2026, and the letter was released ahead of Guynn’s scheduled testimony before the House Financial Services Committee on March 26, 2026.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2026-03-25
U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member Warren seeks details on recusals and ethics safeguards for Federal Reserve supervision director Randall Guynn
U.S. Senator Elizabeth Warren expressed concerns about potential conflicts of interest involving Randall Guynn, the Federal Reserve’s new Director of the Division of Supervision and Regulation, due to his previous representation of large U.S. banks. In a letter, Warren requested details on any recusals, ethics guidance received, and compliance processes related to Guynn's role. The letter was published ahead of Guynn's testimony before the House Financial Services Committee.