Michael Barr (middle), here in an archive photo from 2010.
(dpa) The US Senate has confirmed President Joe Biden’s nominee for the post of chief banking supervisor on the Federal Reserve (Fed) board of directors. The House of Congress on Wednesday voted bipartisan 66-28 for Michael Barr, a law professor and former top Treasury Department official. This allows Barr to take over the central bank position. Biden said the confirmation was a big step forward in terms of regulating financial institutions and fighting inflation.
The President originally nominated Sarah Bloom Raskin for the Fed’s position as banking supervisor in January. She had previously emphasized how important the fight against climate change is from an economic and financial market point of view. Partly because of this, the Republicans in the Senate rejected their nomination. After conservative Democratic Senator Joe Manchin distanced himself from her, Raskin withdrew her candidacy.
Barr was instrumental in introducing a financial regulation package under then-President Barack Obama. He also worked for the White House and the Treasury Department under former President Bill Clinton.