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President Biden picks Michael Barr for Fed's bank regulation post

Joe Biden
Posted at 8:25 AM, Apr 15, 2022
and last updated 2022-04-15 08:25:55-04

WASHINGTON, D.C. — President Joe Biden says he plans to nominate Michael Barr to be the Federal Reserve’s vice chairman of supervision.

Barr's selection comes after Biden’s first choice for the Fed post, Sarah Bloom Raskin, withdrew her nomination a month ago in the face of opposition from Republicans and Democratic Sen. Joe Manchin of West Virginia for her views on climate change.

Biden notes the importance of politics in a Friday statement saying his nominee had previously cleared the Senate on a bipartisan basis.

Barr is the dean of the University of Michigan’s Gerald R. Ford School of Public Policy.

Barr was an assistant Treasury secretary for financial institutions during the Obama administration.

He helped design the 2010 Dodd-Frank Act during the Obama administration.

The legislation came on the heels of the financial crisis in 2008 and was responsible for creating the Consumer Financial Protection Bureau.