Biden Nominates Ex-Treasury Exec To Top Fed Regulatory Job
President Joe Biden on Friday (Saturday, April 16, 2022, in Manila) said he would nominate former Treasury official Michael Barr to be the US Federal Reserve's top regulatory official, replacing Sarah Bloom Raskin, who withdrew in March after failing to win the backing of moderate Democrats, Andrea Shalal and Michelle Price reported for Reuters.
Photo Insert: Michael Barr was a central figure at the Treasury under Democratic President Barack Obama when Congress passed the 2010 Dodd-Frank financial reform law in the wake of the 2007-09 financial crisis.
Barr, currently a professor at the University of Michigan Law School, was a central figure at the Treasury under Democratic President Barack Obama when Congress passed the 2010 Dodd-Frank financial reform law in the wake of the 2007-09 financial crisis, and helped create the Consumer Financial Protection Bureau (CFPB.)
"Michael brings the expertise and experience necessary for this important position at a critical time for our economy and families across the country," Biden said in a statement.
The Fed vice chair for supervision is responsible for overseeing the biggest banks, determining proper capital ratios, and represents the United States in cross-border negotiations over international banking standards.
As Treasury assistant secretary for financial institutions, Barr helped shape the overhaul of Wall Street post-crisis, Biden said, adding that Barr had strong support across the political spectrum. The Democratic president noted that Barr had been confirmed on a bipartisan basis for the Treasury post in 2009.