The Federal Reserve has appointed Randall Guynn, a prominent Wall Street lawyer and lobbyist, as director of supervision and regulation, effective March 8. The move marks a departure from the Fed's practice since 1977 of filling the position with long-serving career staff. Guynn spent nearly four decades at law firm Davis Polk & Wardwell, where he chaired the Financial Institutions Group and advised major banks on regulatory issues. Dennis Kelleher, CEO of Better Markets, criticized the appointment as equivalent to "appointing a lifelong arsonist as a fire chief," warning it will favor the largest, most dangerous banks. A Cambridge University paper identified Guynn as part of "regulatory influence-seeking" that evades lobbying disclosure requirements. Kelleher predicted the appointment will crush small banks, harm the Main Street economy, and make another financial crash inevitable.Watch video below. Your browser does not support the video tag.