President Joe Biden on Friday announced his nomination of Michael Barr to become the Federal Reserve's top banking regulator. The nomination arrives after his first nominee, Sarah Bloom Raskin, failed to receive the votes needed for Senate confirmation.
Barr, a law professor at the University of Michigan, has also served as the assistant secretary for financial institutions at the Treasury Department under the Obama administration.
"Michael brings the expertise and experience necessary for this important position at a critical time for our economy and families across the country," said Biden in a statement on Friday, "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. I know that rising prices and inflation are straining families' budgets."
Barr's nomination arrives at a time when inflation has hit a high not seen by Americans since 1981, and financial analysts are beginning to detect patterns that tend to precede significant economic downturns.
"While I’m doing everything in my power to lower prices for families, the Federal Reserve plays a critical role in fighting inflation and Barr will make a strong Vice-Chair Supervision, joining my other nominees for the Federal Reserve that the Senate is considering," said Biden, noting that Barr, if confirmed, will play an important role in the effort to mitigate inflation.
Biden touted Barr's history of bipartisan confirmation. The president's previous nominee was unable to wrangle the support of all 50 Senate Democrats, shutting down the possibility of confirmation in the razor-thin Democrat-led chamber.