President Joe Biden announced Friday he is nominating Michael Barr, the dean of the University of Michigan’s public policy school, to be the Federal Reserve’s vice chairman of supervision.
he is nominating Michael Barr, the dean of the University of Michigan’s public policy school, to be the Federal Reserve’s vice chairman of supervision.President Joe Biden is nominating Michael Barr, the dean of the University of Michigan’s public policy school, to serve as the Federal Reserve’s vice chairman of supervision
The Fed is set to raise interest rates aggressively in the coming months to try to reduce persistently high inflation "Since I took office, the economy has created nearly 8 million jobs, and millions of families have the dignity a paycheck can provide and a little bit more breathing room," Biden said, while acknowledging the reality of the pain caused by inflation. "I know that rising prices and inflation are straining families’ budgets.
Barr is the dean of Michigan’s Gerald R. Ford School of Public Policy. He was an assistant Treasury secretary for financial institutions during the Obama administration who helped design the 2010 Dodd-Frank regulations after the devastating 2008 financial crisis. But Ohio Sen. Sherrod Brown, the Democratic chairman of the Banking Committee, voiced full support for Barr.
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