|
Barr, now a professor at the University of Michigan Law School,
was a central figure at the Treasury under President Barack
Obama when Congress passed the 2010 Dodd-Frank financial reform
law, and helped create the Consumer Financial Protection Bureau
(CFPB).
"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.
The Fed vice chair for supervision is responsible for overseeing
the biggest banks, determining proper capital ratios, and
represents the United States in cross-border negotiations over
international banking standards.
As Treasury assistant secretary for financial institutions, Barr
helped shape the Wall Street overhaul enacted after the global
financial crisis of 2008-2009, Biden said, adding that Barr had
strong support across the political spectrum.
The president said he would work closely with the Senate Banking
Committee to move Barr's nomination forward quickly, and called
on the Senate to swiftly confirm his four other nominees for key
Fed posts, including Jerome Powell for a second term as Fed
chair.
Biden noted that Barr had been confirmed on a bipartisan basis
for the Treasury post in 2009.
Senate Banking Committee Chair Sherrod Brown said he would
support Barr's nomination and strongly urged his Republican
colleagues to avoid personal attacks and back him as well.
"At a time when working families are dealing with rising prices
while corporate profits continue to soar, this job is vital to
ensuring the economy works for everyone," Brown said.
Barr's name had been floated for another bank regulatory post,
heading up the Office of the Comptroller of the Currency, but
some progressives objected, citing his work with some fintech
firms after leaving government.
Biden said Barr had spent his career protecting consumers, and
played a critical role in creating both the CFPB and the Fed
post for which he was now being nominated. He also served at the
National Economic Council in the White House.
Former CFPB Director Richard Corday has described Barr as "a
progressive champion," while Senator Elizabeth Warren has called
him "a hero" for his work on Dodd-Frank.
"He was instrumental in the passage of Dodd-Frank, to ensure a
future financial crisis would not create devastating economic
hardship for working families," Biden said.
Raskin withdrew from consideration for the top regulatory post
at the Fed on March 15, a day after Democratic Senator Joe
Manchin and moderate Republicans said they would not back her,
leaving no path to confirmation by the full Senate.
(Reporting by Andrea Shalal; Editing by Leslie Adler)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
