President Joe Biden Friday announced his intent to nominate Michael Barr to serve as the Federal Reserve’s vice chairman of supervision.
The announcement comes about a month after Biden’s first choice for the job, Sarah Bloom Raskin, withdrew her nomination. Raskin faced opposition from Republicans and Sen. Joe Manchin (D-W.Va.), who criticized her past statements advocating for the use of financial regulations to defund the fossil fuel industry as a means of addressing climate change.
Barr is currently dean of the University of Michigan’s public policy school. He has also served in the Treasury Department during both the Obama and Clinton administrations. He played a role in the Dodd-Frank Act that passed in 2010 and overhauled all federal financial regulatory agencies in the wake of the country’s economic recession.
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