Biden to appoint Michael Barr as Fed vice chairman for oversight

The Biden administration said Friday it intended to appoint Michael S. Barr, a law professor and former Obama administration official, t...

The Biden administration said Friday it intended to appoint Michael S. Barr, a law professor and former Obama administration official, to serve as the Federal Reserve’s vice chairman for oversight.

The position – one of the top financial regulatory positions in the United States – proved particularly tricky to fill.

The administration’s first nominee, Sarah Bloom Raskin, failed to win Senate confirmation after Republicans challenged with his writings on climate-related financial oversight and captured his limited responses about his work in the private sector. Senator Joe Manchin III, Democrat of West Virginia, join the republicans deciding not to support her, ending her chances.

Mr. Barr, the dean of the University of Michigan’s school of public policy, may also struggle to garner broad support. He was a top competitor to be named Comptroller of the Currency but ran into opposition from progressive Democrats.

Some of the complaints related to his work in government: as a Treasury Department official during the Obama administration, Mr. Barr played a major role in setting up the Dodd Frank Actwhich revamped financial regulation after the 2008 financial crisis. But some said he opposed some particularly tough measures for big banks.

Other opponents when his name was floated for this position focused on his private sector work with the fintech and cryptocurrency industry.

But President Biden described Mr. Barr as a qualified candidate who would bring years of experience to the job.

“Barr has strong support from across the political spectrum,” the president said in a statement announcing the decision. He noted that Mr Barr had been confirmed to his post at the Treasury “on a bipartisan basis”.

Senator Sherrod Brown, the Ohio Democrat who chairs the Senate Banking Committee, said in a statement, “I will support this key candidate, and I urge my fellow Republicans to drop their old playbook of personal attacks and of demagoguery.”

Ian Katz, managing director of research and advisory firm Capital Alpha, put the odds of Mr Barr’s confirmation at 60%. “Barr is considered by many to be more moderate than Sarah Bloom Raskin,” Mr. Katz wrote in a note ahead of the announcement, but after speculation that Mr. Barr might be chosen.

Mr. Barr completes Mr. Biden’s list of candidates for the five central bank vacancies.

The other choices — Jerome H. Powell for another term as Fed chairman, Lael Brainard for vice chairman, and Lisa D. Cook and Philip N. Jefferson for seats on the Board of Governors — are awaiting confirmation. These nominations passed the Senate Banking Committee, the first step toward confirmation and a vote before the full Senate. should in the next weeks.

Mr. Biden said he would work with the committee to get Mr. Barr through his first vote quickly, and he called for quick confirmation from the others.

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Newsrust - US Top News: Biden to appoint Michael Barr as Fed vice chairman for oversight
Biden to appoint Michael Barr as Fed vice chairman for oversight
Newsrust - US Top News
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