US President Joe Biden announced on the 15th that he intends to appoint former Assistant Secretary of Finance Michael Barr as Vice-Chairman of the Federal Reserve Board (FRB) for financial regulation.
Sarah Bloom Ruskin, who was previously nominated for the post by the president, declined the candidate in March without the support of a centrist Democrat.
Mr. Barr is currently a professor at the University of Michigan Law School. During the Obama administration, he played a major role in enacting the Financial Regulatory Reform Act (Dodd-Frank Act) as Assistant Secretary of Finance for financial institutions.
“Michael (Mr. Barr) has the necessary experience to take on this important post at a critical time for our economy,” Biden said.
The Fed’s Vice-Chairman, who is in charge of financial regulation, is responsible for overseeing major banks, determining appropriate capital ratios, and representing the United States in international negotiations on international banking regulations.