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  • Thursday, November 21, 2024

Michael Barr Confirmed as Federal Reserve Vice Chair for Supervision

The Senate on Wednesday confirmed Michael Barr, a law professor and a former Department of Treasury official, to serve as vice chair of the Federal Reserve for supervision.

President Joe Biden described the Senate vote an “important progress” for his plan to address inflation, the White House said Wednesday.

The upper chamber on Wednesday approved Barr for the position in a 66-28 vote, completing the seven-member board of governors for the first time since 2013, according to a report by Politico.

Barr, who was nominated in April for the role, is dean of the public policy school and a law professor at the University of Michigan. He taught courses on financial regulation and international finance at the university.

He served as assistant secretary for financial institutions within the Treasury and played a key role in the passage of the Dodd-Frank Act during the Obama administration.

During the Clinton administration, Barr served as deputy assistant secretary of the Treasury and special adviser and counselor on the policy planning staff at the State Department.

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