US politics: Michael Barr’s nomination must be confirmed by the Senate.
Washington:
US President Joe Biden on Friday announced his intention to nominate Michael Barr to the post of vice president overseeing the Federal Reserve, a month after his first pick dropped out.
Barr’s nomination will have to be confirmed by the Senate.
“Michael brings the expertise and experience needed to this critical situation at a critical time for our economy and families across the country,” Biden said in a statement.
Currently serving as dean of the University of Michigan’s School of Public Policy, Barr also served in the Treasury Department during the Bill Clinton and Barack Obama administrations.
He was one of the main architects of the Dodd-Frank Act, passed after the 2008 global financial crisis, which aimed to better regulate the activities of large US financial institutions.
He also helped create the Consumer Financial Protection Bureau and the position for which Biden had nominated him.
If confirmed, Barr would oversee the supervision and regulation of banking giants such as JPMorgan Chase, Bank of America and Citigroup.
“He understands that this job is not partisan, but it plays a vital role in regulating our nation’s financial institutions to treat Americans fairly and protect the stability of our economy,” the president said. “
Biden’s original candidate for the position, Sarah Bloom Ruskin, withdrew from the race in mid-March after a lack of Senate support put her nomination in jeopardy.
Republican senators as well as Democratic Senator Joe Manchin said they would not give him their vote.
In addition to Barr, the Senate must ratify four other nominations to the Fed’s board of directors, including its current chairman, Jerome Powell, and Lyle Brainard as vice president.
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