Biden, a former Treasury official, to appoint Barr to top Fed regulatory position

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Biden picks Michael Barr for Fed job

by Andrea Shallal

WASHINGTON (Reuters) – US President Joe Biden said on Friday he would replace Sarah Bloom Ruskin, former Treasury official Michael Barr, to the top Federal Reserve regulator, whose appointment in March failed to garner the support of Democrats. was later withdrawn.

Barr, who is currently a professor at the University of Michigan Law School, was a central figure in the Treasury during President Barack Obama’s administration, when Congress passed the Dodd-Frank Financial Reform Act in 2010, and also helped create the Bureau of Financial Security. . consumer (CFPB).

“Michael brings the experience and knowledge needed to this vital role at a critical time for our economy and families across the country,” Biden said in a statement.

The Fed’s vice president of supervision is responsible for overseeing large banks, setting capital adequacy ratios, and representing the United States in international negotiations on banking standards.

As the Treasury’s assistant secretary of state for financial institutions, Barr helped oversee Wall Street after the 2008-2009 crisis, Biden said, adding that Barr has support across the political spectrum.

(by Andrea Shallal)

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