CNN
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President Joe Biden on Friday introduced his intent to appoint former Obama Treasury official Michael Barr because the vice chair for supervision of the Federal Reserve.
The announcement comes after Biden’s preliminary nominee Sarah Bloom Raskin withdrew her nomination, following stiff opposition within the Senate primarily based on her stance on local weather change and concern that she might discourage banks from lending to fossil gas firms. Democratic Sen. Joe Manchin of West Virginia joined Republicans in opposing her, successfully torpedoing her nomination.
In an announcement Friday, Biden touted Barr, who’s presently the dean of the College of Michigan’s public coverage faculty, for his “sturdy assist from throughout the political spectrum.”
Biden additionally famous that Barr had been confirmed by the Senate “on a bipartisan foundation” through the Obama administration.
Barr beforehand served within the Obama administration because the Treasury Division’s assistant secretary for monetary establishments and was a key architect of the Dodd-Frank Act.
“Barr has spent his profession defending shoppers, and through his time at Treasury, performed a crucial position in creating each the Client Monetary Safety Bureau and the place for which I’m nominating him. He was instrumental within the passage of Dodd-Frank, to make sure a future monetary disaster wouldn’t create devastating financial hardship for working households,” Biden mentioned in an announcement Friday.
A number of of Biden’s nominees to the Fed’s Board of Governors, together with Jerome Powell for a second time period as Fed chair, nonetheless await a vote from the Senate.
