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President Joe Biden announced he would nominate Michael Barr, dean of the University of Michigan’s Ford School of Public Policy, as Vice Chair for Supervision of the Federal Reserve Friday morning. If confirmed, Barr would be one of seven members of the Federal Reserve Board of Governors.

If appointed, Barr will propose monetary policy to the board and oversee national banks to ensure they are meeting capital requirements.

Barr worked in several roles at the Treasury and State Departments during the Clinton administration and served as Assistant Secretary of the Treasury under the Obama administration. He also contributed to the creation of the Consumer Financial Protection Bureau and the 2010 Dodd-Frank Act, which changed financial regulations to reduce the economic impact of the 2008 Great Recession.

Barr’s selection comes after Biden’s first nominee, Sarah Bloom Raskin, failed to secure the Senate majority needed for her confirmation. Raskin submitted a letter to President Biden on March 15 requesting her nomination be withdrawn after Sen. Joe Manchin,D-W.Va., indicated he would vote against her. 

In Friday’s statement, Biden cited Barr’s role at the Treasury and his contribution to the Dodd-Frank Act as factors driving his choice. The statement said Barr has bipartisan support and will prioritize sound policy over partisan politics if he is confirmed. 

“Barr has strong support from across the political spectrum — and has been confirmed by the Senate on a bipartisan basis,” the statement read. “And, he 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.”

According to reporting by The Wall Street Journal, the administration originally sought to  nominate Barr as comptroller of the currency.  However, progressives opposed his nomination because of his resistance to restrictions on banks, such as his opposition to the Volcker Rule, which prevents banks from using depositors money for specific investments.

The statement said Biden will attempt to move Barr’s nomination quickly through the Senate Committee on Banking, Housing, and Urban Affairs. If the committee, chaired by Sen. Sherrod Brown, D-Ohio, since January 2021, considers Barr a favorable candidate, his nomination will move to the Senate floor for debate and a vote.

Biden nominated four others to the Federal Reserve Board of Governors –– Jerome Powell, Lael Brainard, Philip Jefferson and Lisa Cook –– who are awaiting a vote to be confirmed.

Barr did not immediately respond to The Daily’s request for comment. The University of Michigan did not immediately respond to a Daily request for comment.

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