Biden to Nominate Michael Barr as Top Fed Banking Regulator

Andrew Restuccia and Andrew Duehren

This article by Andrew Restuccia and Andrew Duehren appeared in The Wall Street Journal on April 15, 2022.

President Biden will nominate Michael Barr, a former Treasury Department official, to serve as the Federal Reserve’s top banking regulator, the White House said, after Mr. Biden’s first pick for the job withdrew amid opposition from Republicans and a key Democratic senator.

If confirmed, Mr. Barr would serve as the Fed’s vice chairman for supervision, charged with overseeing the largest U.S. financial firms including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc.

“Michael brings the expertise and experience necessary for this important position at a critical time for our economy and families across the country,” Mr. Biden said in a statement. Mr. Barr, the president added, “understands that this job is not a partisan one, but one that plays a critical role in regulating our nation’s financial institutions to ensure Americans are treated fairly and to protect the stability of our economy.”

Sarah Bloom Raskin, Mr. Biden’s first nominee for the job, withdrew from consideration last month. She took herself out of the running after West Virginia Sen. Joe Manchin, a key Democratic vote in the evenly divided chamber, said he couldn’t support Ms. Raskin’s nomination, citing her views on addressing climate change.

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