NEW: Biden will nominate Michael Barr to become the nation's most powerful bank regulator, aiming to install a former Obama administration official and leading architect of the Dodd-Frank law as vice chair of the Federal Reserve.
President Biden will nominate Michael Barr to become the nation's most powerful bank regulator, aiming to install a former Obama administration official and leading architect of the Dodd-Frank law as vice chair of the Federal Reserve.Fifteen months into his presidency, Biden has had limited success in getting key financial regulatory jobs filled — a track record he aims to change with the Barr nomination.
As an assistant secretary in the Obama Treasury, he played a key role in creating the Consumer Financial Protection Bureau. He worked closely with liberal Senator Elizabeth Warren creating the CFPB, while maintaining a reputation for being pragmatic and even-keeled. He was confirmed to his Treasury appointment by Senate voice vote in 2009.The role of Fed vice chair for supervision was created by the Dodd-Frank Act more than a decade ago, which imbued the position with significant power to oversee banks and the financial system more broadly.
Yet no Democratic president has filled the position. Obama appointee Dan Tarullo fulfilled the role in practice without formally being named to the position. Trump appointee Randall Quarles occupied the job until late last year. Sarah Bloom Raskin, Biden's first nominee to the position, withdrew her candidacy last month. It had become clear she would not be confirmed by the Senate after she lost support from swing senator Joe Manchin, for her advocacy that bank regulators favor policies that could help lower carbon emissions.to fill leading bank regulatory positions, as nominations that excited the left flank of the Senate Democratic caucus alienated the center.
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