Biden picks Michael Barr for Feds bank regulation post

President Joe Biden states he plans to choose Michael Barr to be the Federal Reserves vice chairman of supervisionBy JOSH BOAK and PAUL WISEMAN Associated PressApril 15, 2022, 9:29 AM – 3 minutes readShare to FacebookShare to TwitterEmail this articleWASHINGTON– President Joe Biden stated Friday he plans to nominate Michael Barr, the dean of the University of Michigans public policy school, to be the Federal Reserves vice chairman of supervision.The choice of Barr comes after Bidens first choice for the Fed post, Sarah Bloom Raskin, withdrew her election a month back in the face of opposition from Republicans and one Democrat, Sen. Joe Manchin of West Virginia. Raskins critics had argued that she would apply the Feds regulative authority to climate change and possibly prevent banks from lending to energy companies.But with Barr, Biden kept in mind the significance of politics in a Friday declaration that said his nominee had previously cleared the Senate on a bipartisan basis.” Others use strong appreciation for Barr and say he appears well matched for the Fed position.David Dworkin, president of the National Housing Conference, which advocates for inexpensive housing, suggested that Barrs understanding of Wall Street provides him the right mix of “centrist expertise and progressive policy views” to win confirmation in a carefully divided Senate.Barr would be joining the Fed at a specifically challenging and high-risk period for the main bank and the economy.The Fed is set to raise interest rates strongly in the coming months to try to decrease constantly high inflation.