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US President Joe Biden has declared his plan to appoint Michael Barr as the new vice-chairman for Federal Reserve Supervision. According to the statement, Biden said that Michael possesses the essential experience required for the crucial position. Michael Barr is well-known for being part of the board of advisors for Ripple Labs, a distributed payment technology company.
The nomination follows Sarah Raskin’s withdrawal from the same position due to severe opposition in the Senate last month. Of late, the central bank and the economy have faced difficulties with regard to interest rate and inflation issues. The position of the Fed’s vice chair for supervision has been vacant since Governor Randal Quarles’ term ended in October.
Excerpts from the POTUS’ Statement
Biden noted that the Fed is crucial in combating inflation and his nominee will be a strong VC for Supervision. Barr joins a handful of other Joe nominees for the Federal Reserve System (FRS) under consideration by the Senate.
Additionally, the 46th US president affirmed that Michael Barr has spent his career safeguarding consumers and has led vital roles. He also disclosed that Barr was a key architect of the Dodd-Frank Act, which ensures mitigation of future financial crises.
While I’m doing everything in my power to lower prices for families, the Federal Reserve plays a critical role in fighting inflation and Barr will make a strong Vice Chair for Supervision,” said Biden.
Also, Biden added that Michael appreciates the importance of this position in overseeing US financial institutions and maintaining economic stability. The president further said he will work with Senate Banking Committee Chairman Sherrod Brown to expedite Barr’s nomination amidst other nominees.
Michael Barr’s Achievements
Under former President Barack Obama, Michael S. Barr served as Assistant Secretary of the Treasury for Financial Institutions. In addition, he worked for the National Economic Council at the White House. He also performed similar duties under the Clinton administration.
Additionally, while a law professor at the University of Michigan, Barr served on the Ripple Labs advisory board between 2015 and 2017.
Despite Barr’s extensive record, some liberal critics opposed Barr’s candidacy for comptroller of the currency last year. However, others such as Ohio Senator Sherrod Brown, have welcomed Barr and believe he is fit for the FRS role:
Michael Barr understands the importance of this role at this critical time in our economic recovery…I will support this key nominee.”
Barr’s new position of supervision will make him a formidable regulator in the banking and financial industry. The Senate, however, has yet to approve Biden’s selections for Fed chair, vice-chair, and two governors.