President Joe Biden intends to nominate Michael Barr for vice chair for supervision of the Federal Reserve, after his previous nominee withdrew amid bipartisan pushback.
The president made the announcement Friday, lauding Barr as an individual capable of bringing “the expertise and experience necessary for this important position at a critical time for our economy and families across the country.”
“I know that rising prices and inflation are straining families’ budgets,” Biden said in a statement. “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 Supervision, joining my other nominees for the Federal Reserve that the Senate is considering.”
The U.S. has seen rising inflation amid Biden’s time in office, with the latest data showing a four-decade high. Sarah Bloom Raskin, the president’s previous pick for vice chair for supervision of the Federal Reserve, withdrew in March. (RELATED: 25 States Urge Biden To Rescind Fed Nominee Over ‘Radical’ Climate, Social Views)
President Biden, in a statement: “Today, I am announcing my intent to nominate Michael Barr as the next Vice Chair for Supervision of the Federal Reserve.”
— David Gura (@davidgura) April 15, 2022
Those opposed to Raskin’s nomination honed in on various topics, such as climate policy, as reason why she shouldn’t serve. Biden slammed Senate Republicans following her withdrawal, accusing them of being “more focused on amplifying … false claims and protecting special interests than taking important steps toward addressing inflation and lowering costs for the American people.”
Biden’s new nominee previously worked in both the Obama administration and Clinton administration.
Under Obama, he was the U.S. Department of the Treasury’s assistant secretary for financial institutions. Barr served as a special adviser and counselor on policy planning at the U.S. State Department and as a special adviser to Clinton, among other titles, during the Clinton administration.
“Barr has spent his career protecting consumers, and during his time at Treasury, played a critical role in creating both the Consumer Financial Protection Bureau and the position for which I am nominating him,” Biden said Friday. “He was instrumental in the passage of Dodd-Frank, to ensure a future financial crisis would not create devastating economic hardship for working families.”
“Barr has strong support from across the political spectrum – and has been confirmed by the Senate on a bipartisan basis,” the president added. “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.”