By a bipartisan vote of 66 to 28 this afternoon, the Senate confirmed Michael Barr to serve a four-year term as vice chairman for supervision at the Federal Reserve. Barr was also confirmed by a 66-28 vote to serve the 10-year balance of a term on the Fed board of governors, bringing the board to full strength for the first time in nearly a decade.
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.
American Bankers Association President and CEO Rob Nichols congratulated Barr on his confirmation in a statement following the vote, noting that “he joins the board at a critically important moment for our economy with families and businesses facing rising inflation and other challenges. We look forward to working with him and his colleagues at the Fed to ensure that America’s banks can continue to provide support to the economy while meeting the financial needs of their customers and communities.”