President Joe Biden will nominate Michael Barr, a Treasury Department veteran and one of the architects of the Dodd-Frank Act of 2010, as the U.S. Federal Reserve’s chief banking supervisor.
“Michael brings the expertise and experience necessary for this important position at a critical time for our economy and families across the country,” Biden said in a statement released Friday by the White House. Barr’s nomination as vice chair for supervision of the Fed must be approved by the Senate.
The president settled on Barr this week, according to people familiar with the matter. Sarah Bloom Raskin, his previous choice, withdrew from consideration on March 15 after it became clear she didn’t have the votes for confirmation in the evenly-divided Senate.
