Biden to name Michael Barr for key Fed role

Biden to name Michael Barr for key Fed role

WASHINGTON: US President Joe Biden announced his intention to nominate Michael Barr for the key position of vice chair for supervision of the Federal Reserve, one month after his first pick dropped out. Barr’s nomination will have to be confirmed by the Senate. “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. Currently serving as dean of the University of Michigan’s public policy school, Barr also worked at 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 was aimed at better regulating the activities of large US financial institutions. He also helped create the Consumer Financial Protection Bureau and the position for which Biden nominated him. If confirmed, Barr will oversee supervision and regulation of banking giants such as JPMorgan Chase, Bank of America and Citigroup.

“He understands that this job is not a partisan one, but one that plays a critical role in regulating our nation’s financial institutions to ensure Americans are treated fairly and to protect the stability of our economy,” the