Wall Street Is Poised for More Oversight as Barr Confirmed for Fed
- Senate approves Michael Barr as vice chair for supervision
- More day-to-day scrutiny expected for major US banks
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Michael Barr was confirmed by the US Senate on Wednesday as the top bank watchdog at the Federal Reserve, allowing President Joe Biden to further put his stamp on Wall Street oversight.
Barr, a former senior Treasury Department official who played a key role in shaping the 2010 Dodd-Frank Act, received bipartisan support for the job, with a 66-28 vote. The Federal Reserve vice chair for supervision position has been vacant since late last year.