In expanding the role of the Federal Reserve in the wake of the 2008 financial crisis, lawmakers created a high-ranking position at the central bank to oversee the new authority and report regularly to Congress about its progress.
Five years after the Dodd-Frank financial reform law was enacted, however, the job remains vacant. President Obama has yet to nominate anyone to be the Fed's new vice chair for supervision, frustrating some lawmakers and industry officials.
"That should have been filled long ago," Senate Banking Committee Chairman Richard C. Shelby (R-Ala.) said. "It's an important position."
The vacancy hasn't appeared to hinder the Fed's...