President Joe Biden announced, on April 15, 2022, his plan to nominate Michael Barr as the Federal Reserve Board’s (FRB) next vice chair for supervision, a key banking regulatory pos. Biden’s first pick, Sarah Bloom Raskin, withdrew her nomination in the face of opposition from a majority of senators, including all 50 Republicans plus Democrat Joe Manchin of West Virginia.
Biden’s assertion shows that he finds fighting inflation to be a major policy imperative right now and that the Federal Reserve has a “critical role” in this effort. Biden hailed Barr for a “career protecting consumers,” particularly his “critical role” in creating the Consumer Financial Protection Bureau (CFPB), the position for which he is being nominated now (i.e., FRB vice chair for supervision), and in securing the passage of the Dodd-Frank Act.
Michael S. Barr is presently a law professor at the University of Michigan Law School and the founder and faculty of the University of Michigan’s Center on Finance, Law and Policy.