Michael Barr tapped as Fed vice chair for supervision

President Joe Biden announced his intent to nominate former Treasury official Michael Barr as the next Vice Chair for Supervision of the Federal Reserve.

Background: Barr is Dean of the University of Michigan's public policy school, and previously served in the Obama Administration as Treasury assistant secretary for financial institutions.

In making the announcement, President Biden noted Barr's role as a key architect of the Dodd-Frank Act and in the creation of the Consumer Financial Protection Bureau. Sarah Bloom Raskin, Biden's previous nomination, withdrew her name from consideration after facing opposition from Sen. Joe Manchin (D-W.Va.).

Other Nominees: President Biden said he will work with Senate Banking Committee Chair Sherrod Brown (D-Ohio) to move Barr’s nomination forward quickly to join his other nominations awaiting a full Senate vote including, Fed Chairman Jerome Powell’s renomination, Fed Governor Lael Brainard for Fed vice chair and academics Lisa DeNell Cook and Philip Nathan Jefferson for Fed governors.