As Ben Bernanke reshapes the Federal Reserve into a more forceful player in the U.S. economy, he has come to rely on a point man to face down Wall Street titans, said Michael Hirsh in National Journal. Daniel Tarullo, “Obama’s most important appointment to the Federal Reserve Board,” has emerged as the “go-to [Fed] governor” for coordinating global banking standards and pushing the nation’s biggest banks to take fewer risks. Tarullo, a 59-year-old “Democratic Party acolyte” who considers the late Sen. Edward M. Kennedy his mentor, has been a forceful advocate for stricter financial rules, often earning the ire of Wall Street, said Zachary A. Goldfarb and Brady Dennis in The Washington Post. The Boston native would not only like to require big banks to hold more capital, but has also repeatedly suggested that they should shrink. Among bank executives, “he’s not well liked,” said one banking lobbyist.
But bankers still spend a lot of time bending his ear, said Victoria McGrane in The Wall Street Journal. Tarullo spoke more than 60 times with banking executives over the past year, five times as often as bankers spoke with Bernanke. “He is the guy everybody wants to see,” said financial analyst Brian Gardner.