President Biden on Friday announced that he will nominate Michael Barr to serve as the next vice chairman for supervision at the Federal Reserve. Barr—who is currently a law and public policy professor at the University of Michigan—served in the Treasury Department during the Obama administration and was a chief negotiator during the drafting of the Dodd-Frank Act.
“Much has changed in the financial services marketplace since Michael Barr played a central role in crafting Dodd-Frank,” commented ABA President and CEO Rob Nichols. “Banks of all sizes have demonstrated their strength and resiliency during an unprecedented global pandemic, banks face increased competition from fintech and crypto firms that currently don’t need to comply with bank rules, and in 2018, Congress passed bipartisan regulatory modifications that allowed banks, particularly community banks, to better serve their customers and communities. Given these changes, it will be important for the Senate to thoughtfully examine Michael Barr’s views on a range of current regulatory and economic issues.”
Barr’s nomination comes after Sarah Bloom Raskin, President Biden’s first pick for vice chair, withdrew her nomination last month after failing to obtain support from enough senators to be confirmed.
