President Joe Biden said Friday he will nominate former Treasury Department official Michael Barr to lead the Federal Reserve’s regulation of the banking system as the central bank’s vice chair for supervision.
Barr, an assistant Treasury secretary for financial institutions during the Obama administration, has experience as a banking regulator, including shaping and implementing the legal and regulatory overhaul of the financial sector following the 2008 financial crisis. If confirmed along with Biden’s other two Fed nominees, Lisa Cook and Philip Jefferson, Barr would return the seven-seat board to full membership.
“Barr has spent his career protecting consumers, and during his time at Treasury, played a critical role in creating both the Consumer Financial Protection Bureau and the position for which I am nominating him,” Biden said in a statement. “Michael brings the expertise and experience necessary for this important position at a critical time for our economy and families across the country.”
