Biden Announces Fed Banking Supervisor Nominee Michael Barr After Sarah Bloom Raskin Withdrawal

President Joe Biden has announced that he is going to nominate Michael Barr to be vice chair for supervision of the Federal Reserve after Sarah Bloom Raskin withdrew her nomination in March.

• "Michael brings the expertise and experience necessary for this important position at a critical time for our economy and families across the country," Biden said in a statement.
• Previously, Barr served in the Obama administration as assistant secretary for financial institutions under Treasury Secretary Timothy Geithner. 

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• He was instrumental in designing Dodd-Frank, one of the key pieces of consumer protection legislation to come out of the 2008 financial crisis. 
• According to reports, Barr's nomination comes at a crucial point for the Fed as it aims to strengthen the economy, curtailing the highest inflation in the last 40 years. 
• Last year, Barr was under consideration to run the Office of the Comptroller of the Currency in Biden’s administration. 

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