Biden to Nominate Crisis Veteran Barr as Fed Banking Supervisor
- Senators Brown, Warren support choice of veteran official
- Barr helped forge Dodd-Frank Act in wake of financial crisis
Michael Barr speaks during the Advisory Council on Financial Capability meeting at the Treasury Department in Washington, D.C., on Nov. 30, 2010.
Photographer: Andrew Harrer/Bloomberg
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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 the Fed’s vice chair for supervision requires Senate approval.