US President Joe Biden has announced his plans to nominate Michael Barr, former Obama administration official and law professor, as vice chair for supervision. This follows the withdrawal of the former Federal Reserve Board governor, Sarah Bloom Raskin.
The White House announced on Friday that Barr was Biden’s pick to supervise the Federal Reserve as well as set the regulatory agenda for its leadership.
Biden said that,
Barr has strong support from across the political spectrum – and has been confirmed by the Senate on a bipartisan basis.
The President also added that Barr “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.”
According to the US president, he wanted “to move Barr’s nomination forward quickly.” This likely has something to do with the fact that the vice-chair for supervision position has been open since October 2021 when Fed Governor, Randal Quarles’ term ended.
Sherrod Brown, the Ohio Senator who chairs the Senate Banking Committee, has expressed his support for the nomination, citing the need for a “full Fed board.”
Brown went on record say “The vice-chair of supervision plays a critical role in protecting our financial system and must prioritize strong financial regulation, and identify and stay ahead of risks to our economy.”
In addition to his statement, Brown said “I will support this key nominee, and I strongly urge my Republican colleagues to abandon their old playbook of personal attacks and demagoguery and put Americans and their pocketbooks first.”