- President Biden announced his intent to nominate Michael Barr as the next Vice Chair for Supervision of the Federal Reserve.
- According to President Biden Michael brings the expertise and experience necessary for this important position.
Yesterday in a statement President Biden announced his intent to nominate Michael Barr as the next Vice Chair for Supervision of the Federal Reserve. Michael brings the expertise and experience necessary for this important position at a critical time for our economy and families across the country.
President Biden further added that he knows the rising prices and inflation are straining families’ budgets. He further said he is doing everything in his power to lower prices for families. According to him, the Federal Reserve plays a critical role in fighting inflation and Barr will make a strong Vice Chair for Supervision, joining his other nominees for the Federal Reserve that the Senate is considering.
Barr has spent his career protecting consumers, and during his time at Treasury, he has played a critical role in creating both the Consumer Financial Protection Bureau and the role Biden is nominating him for. Barr has strong support from across the political spectrum and has been confirmed by the Senate on a bipartisan basis.
According to Biden, Barr understands that this job is not a partisan one, but one that plays a critical role in regulating our nation’s financial institutions to ensure Americans are treated fairly and to protect the stability of our economy.
To conclude President Biden said he will work with Senate Banking Committee Chair Sherrod Brown to move Barr’s nomination forward quickly. He will also urge the Senate to swiftly confirm the four eminently qualified nominees for the Board of Governors. The four eminently qualified nominees are Jerome Powell, Lael Brainard, Philip Jefferson, and Lisa Cook. They all are currently awaiting a vote.