Administration of Joseph R. Biden, Jr., 2022

April 15, 2022

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.

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. 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.

Barr has spent his career protecting consumers, and during his time at Treasury, played a critical role in creating both the Consumer Financial Protection Bureau and the position for which I am nominating him. He was instrumental in the passage of Dodd-Frank, to ensure a future financial crisis would not create devastating economic hardship for working families. Barr has strong support from across the political spectrum and has been confirmed by the Senate on a bipartisan basis. And he understands that this job is not a partisan one, but one that plays a critical role in regulating our nation's financial institutions to ensure Americans are treated fairly and to protect the stability of our economy.

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 GovernorsâJerome Powell, Lael Brainard, Philip Jefferson, and Lisa Cookâcurrently awaiting a vote.

Categories: Appointments and Nominations : Federal Reserve System Board of Governors Vice Chair for Supervision, nomination, statement.

Names: Barr, Michael S.; Brainard, Lael; Brown, Sherrod C.; Cook, Lisa D.; Jefferson, Philip N.; Powell, Jerome H.

Subjects: Congress : Bipartisanship; Congress : Senate :: Banking Committee; Congress : Senate

:: Presidential nominations, confirmation process; Consumer Financial Protection Bureau; Economy, national : Economic concerns; Economy, national : Financial regulations, strengthening efforts; Economy, national : Household income and wages; Economy, national : Strengthening efforts; Employment and unemployment : Job creation and growth; Reserve System, Federal.

DCPD Number: DCPD202200284.

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