US President Joe Biden said on Friday he is planning to nominate Michael Barr as the Fed's big banks regulator in his second attempt to fill the post, APA reports citing Sputnik.
"Today, I am announcing my intent to nominate Michael Barr as the next Vice Chair for Supervision of the Federal Reserve. 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 statement.
According to Biden, Barr - who served as Assistant Secretary of the Treasury for Financial Institutions under President Barack Obama - has played a critical role in protecting consumers.
"I will work with Senate Banking Committee Chair Sherrod Brown to move Barr’s nomination forward quickly, and urge the Senate to swiftly confirm the four eminently qualified nominees for the Board of Governors—Jerome Powell, Lael Brainard, Philip Jefferson, and Lisa Cook— currently awaiting a vote," the president added.
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