Progressives Fret Over Biden’s Pick to Oversee National Banks

President Biden’s choice of financial regulators is proving to be a mixed bag for consumer advocates and progressives eager for tougher oversight of Wall Street after the Trump Administration.

Michael Barr, Biden’s likely choice for Comptroller of the Currency, clashed with progressives as a key architect of the 2010 Dodd-Frank Act and more recently served as adviser to cryptocurrency firm Ripple Labs Inc. and peer-to-peer lender LendingClub. Both companies have run afoul of regulators.

Meanwhile, advocates of investors and consumers praised Biden’s nominations of Gary Gensler to lead the Securities and Exchange Commission and Rohit Chopra to lead the Consumer ...