Biden Nominates Michael Barr, Former Deputy Treasury Secretary, as Fed Vice Chair for Supervision

[Asia Economy New York=Special Correspondent Joselgina] U.S. President Joe Biden on the 15th (local time) nominated Michael Barr, former Deputy Treasury Secretary, as Vice Chair for Supervision at the Federal Reserve (Fed).

According to the White House, President Biden announced the nomination in a statement on the same day, saying, "He has the necessary expertise and experience for this important position during a critical time for the U.S. economy and families."

This nomination follows the mid-term resignation of nominee Sarah Bloom Raskin. President Biden had nominated Raskin, former Deputy Treasury Secretary, for this position in January, but after receiving opposition votes from both Republicans and Democrats, he ultimately withdrew the nomination last month. Like Fed governors, the Vice Chair for Supervision at the Fed must be confirmed by the Senate.

Michael Barr, currently a professor at the University of Michigan's Gerald R. Ford School of Public Policy, served as special advisor to then-Treasury Secretary Robert Rubin and as Deputy Treasury Secretary during the Bill Clinton administration. He later served as Treasury Department's Assistant Secretary for Financial Institutions under the Barack Obama administration, playing a key role in the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

President Biden urged the Senate for swift confirmation, stating, "He understands that this position is not partisan but plays a crucial role in regulating U.S. financial institutions to ensure Americans are treated fairly and to protect the stability of our economy."

The so-called Powell 2 team, including reappointed Chair Jerome Powell, Vice Chair Lael Brainard, and Governors Lisa Cook and Philip Jefferson, has yet to receive Senate confirmation.

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