The Wall Street Journal: Fed’s top banking regulator Michael Barr confirmed by Senate

by | Jul 13, 2022 | Stock Market

The Biden administration saw a key figure of its financial-regulatory team move into place as the Senate confirmed Michael Barr to become the government’s most influential banking regulator. Barr’s confirmation Wednesday as the Federal Reserve’s vice chairman for supervision provides the central bank with a full seven-member board for the first time in nearly a decade and adds to a group of Biden-appointed bank overseers who may revisit financial regulations that were eased during the Trump administration.

Barr won bipartisan support for the regulatory role, which has a four-year term. The vote was 66-to-28, surpassing the 50 votes needed for confirmation. Earlier on Wednesday, senators confirmed Barr to a 10-year term on the Fed’s governing board. A dean of public policy at the University of Michigan, Barr is the last of Mr. Biden’s slate of five appointees to the central bank. Fed Chairman Jerome Powell and three other appointments were confirmed in recent months. The supervision role that Barr is set to fill is responsible for developing a broad vision for the regulation of big banks and other financial firms. That includes developing policy recommendations for the Fed board and for overseeing its regulatory staff, which supervises some of the largest U.S. financial firms, including JPMorgan Chase & Co
JPM,
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 Bank of America Corp
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and Citigroup Inc
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