United States | Senate confirmed Michael Barr as Fed Officer

(Washington) The US Senate confirmed, on Wednesday, the appointment of Michael Barr to the main position of Vice President responsible for banking supervision in the central bank, the Federal Reserve, for a period of four years.

Posted on July 13

The Senate plenary voted in favor of the resolution by 66 to 28.

US President Joe Biden suggested his name in April.

He will be responsible for regulating financial institutions, from Wall Street giants such as JPMorgan Chase and Goldman Sachs, to local banks.

Mr. Barr currently holds academic responsibilities at the University of Michigan, and worked at the Treasury Department during the Bill Clinton and Barack Obama administrations.

He is one of the main architects of the Dodd-Frank Act, which was passed after the financial crisis of 2008-2009 to better regulate the activity of major American banking institutions.

He also played an important role in creating the Consumer Financial Protection Bureau (CFPB), but also in the position Mr. Biden chose for him.

His predecessor, Randall Quarles, was appointed by Donald Trump to expose banking regulations established by the Dodd-Frank Act.

Biden’s original candidate for office, Sarah Blum Raskin, withdrew from the race in mid-March as her nomination appeared to be in jeopardy due to a lack of adequate support in the Senate.

Republicans in particular criticized him for his stances on climate change and banking regulations.

During a hearing in May before the Senate Banking Committee, Mr. Barr took a more consensual approach on the subject, believing in particular that it was not up to the Federal Reserve to decide which sectors banks should or should not lend to. Energy projects for example.

See also  Former detainee Andre Gautier welcomed the release of Michael

Leave a Reply

Your email address will not be published.