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By
a vote of 17 to 7, the panel agreed to send his nomination to
the full Senate. If confirmed as vice chair for supervision,
Barr, a former senior Treasury Department official, would be in
charge of the Fed's bank oversight.
President Joe Biden's previous pick, Sarah Bloom Raskin,
withdrew after garnering insurmountable opposition from
Republicans and moderate Democrats.
If confirmed, Barr would fill the remaining vacancy on the Fed
board and take on a broad agenda that is likely to include
revisiting rules that were eased under his predecessor, Randal
Quarles, and taking steps to address climate change risk,
fintechs and cryptocurrencies.
All 12 Democrats on the committee backed Barr's nomination, as
did five Republicans, including ranking member Patrick Toomey.
Committee Chairman Sherrod Brown called Barr an "exceptional
nominee."
Toomey, who led the opposition to Raskin's nomination, said he
backed Barr in part because the nominee had given him assurances
that he would not use the role to promote rules that could limit
the flow of capital to energy companies "to accelerate the
transition to a low-carbon economy."
The panel also voted to advance the nominations of Jaime
Lizárraga and Mark Uyeda, Biden nominees to be commissioners of
the Securities and Exchange Commission.
(Reporting by David Morgan; Writing by Pete Schroeder and Dan
Burns; Editing by Chris Reese and Howard Goller)
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