PanamaTimes

Friday, Apr 26, 2024

Biden picks Michael Barr as Fed top bank regulator

Biden picks Michael Barr as Fed top bank regulator

Barr’s nomination comes after the withdrawal last month of previous candidate Sarah Bloom Raskin.

President Joe Biden will nominate Michael Barr, a Treasury Department veteran and one of the architects of the Dodd-Frank Act of 2010, as the U.S. Federal Reserve’s chief banking supervisor.

“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 released Friday by the White House. Barr’s nomination as vice chair for supervision of the Fed must be approved by the Senate.

The president settled on Barr this week, according to people familiar with the matter. Sarah Bloom Raskin, his previous choice, withdrew from consideration on March 15 after it became clear she didn’t have the votes for confirmation in the evenly-divided Senate.

Biden aides discussed the pick with key lawmakers and staffers on Capitol Hill, and both Senator Elizabeth Warren, a Massachusetts Democrat, and Banking Committee Chair Sherrod Brown, an Ohio Democrat, indicated to the administration that they were comfortable with Barr, the people said.

“The Federal Reserve plays a critical role in fighting inflation and Barr will make a strong vice chair for supervision, joining my other nominees for the Federal Reserve that the Senate is considering,” Biden said in his statement.

Brown praised Barr in a statement, saying “now more than ever, we need a full Fed Board — including a vice chair of supervision. The vice chair of supervision plays a critical role in protecting our financial system and must prioritize strong financial regulation, and identify and stay ahead of risks to our economy.”

Brown urged Republican senators “to abandon their old playbook of personal attacks and demagoguery and put Americans and their pocketbooks first” in working to confirm Barr’s nomination.

One key Republican, however, was quick to express concerns over Barr’s nomination.

“Michael Barr has defended Dodd-Frank’s big-bank bailout mechanism, which enshrined into law taxpayer bailouts of banks,” Pennsylvania’s Pat Toomey, the senior Republican on the Senate Banking Committee, said in a statement.

Toomey also criticized Barr’s role in helping to create the Consumer Financial Protection Bureau, an agency he called “unconstitutional and unaccountable.”
“For these and other reasons, I have concerns about his nomination, but I look forward to meeting and discussing these and other matters,” Toomey said.

Barr served at the U.S. Treasury during the administration of President Barack Obama and worked for the National Economic Council under President Bill Clinton. He was also part of the Biden transition team that reviewed the Treasury Department.

Barr is currently dean of the Gerald R. Ford School of Public Policy at the University of Michigan. He’s been on the faculty of the university’s law school since 2001.

He didn’t respond to a request for comment earlier this week when he emerged as a leading contender for the job.

As a top aide to Treasury Secretary Timothy Geithner, Barr was one of the main authors of Dodd-Frank, a law forged in response to the financial crisis that began in 2008 and notably created the vice chair for supervision at the Fed. At the Treasury, he opened the Office of Community Development, expanded the earned income tax credit, and helped to design the Community Development Financial Institutions Fund.

Warren praised him in her 2014 book “A Fighting Chance,” crediting him with helping to create a strong Consumer Financial Protection Bureau.

Barr holds bachelor’s and law degrees from Yale University, and was a Rhodes Scholar at Oxford University. He served as a law clerk to former U.S. Supreme Court Justice David Souter in 1993.

He had been a candidate to run the Office of the Comptroller of the Currency earlier in the Biden administration, but when word of his potential nominee surfaced last year, some progressives rose in opposition. Those activists were wary of his ties to financial technology companies. He was an outside adviser to Ripple Labs Inc. until 2017.

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Apple warns against drying iPhones with rice
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
The President of Argentina Javier Mile does not fly private, he flies commercial, with the citizens he represents. And they LOVE him for it.
Bitcoin Reaches $50,000 for First Time in Over Two Years
Belo Horizonte: Brazil's Rising Carnival Hotspot for 2024
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Tucker’s interview with Putin is over 50M views on X within the first 5 hours.
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
President Nayib Bukele has proudly announced El Salvador's remarkable achievement of becoming the safest nation in the Western Hemisphere.
Former Chilean President Sebastian Piñera Dies in Helicopter Crash
This farmer seems to understand science a bit more than the event organizer, Klaus Schwab.
Facebook turns 20: From Mark Zuckerberg's dormitory to a $1trn company
The Coolest Dictator in the World" on the Path to Victory in El Salvador
Macron, France and fake news
Indian-Origin Man 'King' Arrested For Smuggling $16 Million Drugs Into US
Can someone teach Americans that not every person with slanted eyes is Chinese?
Europe's Farmers Feeding the People, Protesting Against Politicians Who Do Nothing for Their Country and Serve Only Themselves at Taxpayers' Expense
Paris Restaurant That Inspired 'Ratatouille' Loses $1.6 Million Worth Of Wine
Brazilian Police Investigate Bolsonaro's Son for Alleged Illegal Spying
Police in Brazil Raid Residence of Bolsonaro Associate Over Allegations of Illegal Spying
Border Dispute Escalates as Texas Governor Vows Increased Razor Wire
OpenAI Enhances ChatGPT-4 Model, Potentially Addressing AI "Laziness" Issue
The NSA finally acknowledges spying on Americans by acquiring sensitive data
Report Reveals Toxic Telegram Group Generating X-Rated AI-Generated Fake Images of Taylor Swift
US Border Patrol States 'No Plans' to Remove Razor Wire Installed in Texas
Bitcoin Experiences Approximately 20% Decline in Value
Klaus Schwab recently appointed himself as the Earth's "trustee of the future."
DeSantis Drops Out, Endorses Trump.
Nikki Haley said former President Trump is "just not at the same level" of mental fitness as he was while president in 2016.
Residents of a southern Mexican town set the government palace on fire in response to the police killing of a young man
Samsung Launches AI-Driven Galaxy S24, Ushering in New Smartphone Era
Judge Questions SEC's Regulatory Overreach in Coinbase Lawsuit
The Ecuador prosecutor who was investigating the television studio attack, has been assassinated.
Is artificial intelligence the solution to cyber security threats?
Vivek Ramaswamy suspends his US election campaign and endorses Trump.
Viral Satire: A Staged Satirical Clip Mistaken as Real Footage from the 2024 World Economic Forum in Davos
The AI Revolution in the Workforce: CEOs at Davos Predict Major Job Cuts in 2024
Ecuador Reports 178 Hostages in Prison Gang Standoff
The Startling Cuban Espionage Case That Has Rattled the US Government
Two Armed Men in Ecuador, Dressed as Batman and The Joker Storm the Streets.
Armed Gang Raids Ecuadorian TV Station Following State of Emergency Declaration
Anti-Democratic Canada: Journalist Arrested for Questioning Canadian Finance Minister on Support of Terrorist Group
Ecuador's 'Most-Wanted' Criminal Vanishes from Prison
Mexican Cartel Supplied Wi-Fi to Locals Under Threat of Fatal Consequences for Non-Compliance
Border Surge Leads to Over 11,000 Migrants Waiting in Northern Mexico
Outsider Candidates Triumph in Latin American Elections
As Argentina Goes to the Polls, Will the Proposal to Replace the Peso with the Dollar Secure Votes?
Fatal Shark Attack Claims Life of Boston Woman Paddleboarding Near Bahamas Resort, According to Police
×