Politics

Joe Biden nominates Michael Barr as top banks regulator after his first pick failed

President Biden said Friday he intends to nominate Michael Barr as the Federal Reserve’s bank regulator after his last pick for the job ran into opposition from centrist Democrats.

Mr. Barr, who would serve as vice chair for supervision of the Federal Reserve, served as an assistant Treasury secretary in the Obama administration and was a key architect of the Dodd-Frank financial reforms in the wake of the 2008 financial crisis. He also served in top posts in the Clinton administration.

Mr. Biden’s first pick for the job, Sarah Bloom Raskin, withdrew her candidacy in March amid opposition from Republicans and Sen. Joe Manchin III, West Virginia Democrat, over her support for making the Fed more of a climate change advocate, including cutting off lending to energy companies.

Mr. Biden cannot afford to lose more than one Democratic vote in the evenly divided Senate when Republicans unite in opposition to his picks.

“Barr has strong support from across the political spectrum – and has been confirmed by the Senate on a bipartisan basis. And, he 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,” Mr. Biden said.

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