President Joe Biden said Friday he plans to nominate Michael Barr, the dean of the University of Michigan's public policy school, to be the Federal Reserve's vice chairman of supervision.
The selection of Barr comes after Biden’s first choice for the Fed post, Sarah Bloom Raskin, withdrew her nomination a month ago in the face of opposition from Republicans and one Democrat, Sen. Joe Manchin of West Virginia. Raskin's critics had argued that she would apply the Fed’s regulatory authority to climate change and possibly discourage banks from lending to energy companies.
