Joe Biden has tapped Michael Barr, a former top Treasury official, to lead regulatory oversight at the Federal Reserve, after the US president’s previous pick withdrew her candidacy after fierce political opposition.
If confirmed as the US central bank’s vice-chair for supervision, Barr, who was the assistant secretary for financial institutions at the Treasury during the Obama administration, will fill a position that has been left vacant since October and proven difficult for the White House to fill.
Biden had previously nominated Sarah Bloom Raskin, the former deputy Treasury secretary, for the role, whose responsibilities include setting rules and regulations for Wall Street’s biggest banks.
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