Mountain Media, LLC
  • West Virginia News
    • Around The State
    • By Paper
      • Mountain Messenger
      • Pocahontas Times
      • Parsons Advocate
      • Pendleton Times
      • Clay County Free Press
      • Calhoun Chronicle
      • Shinnston News
    • By County
      • Greenbrier County
      • Clay County
      • Harrison County
      • Calhoun County
      • Pocahontas County
      • Pendleton County
      • Tucker County
  • Virginia Media, INC
    • Around The State
    • By Paper
      • The Enterprise
      • Fincastle Herald
      • Henry County Enterprise
      • News Messenger
      • News Journal
      • Vinton Messenger
      • New Castle Record
      • Salem Times Register
    • By County/City
      • Botetourt County
      • Henry County
      • Radford
      • Christiansburg/Blacksburg
      • Patrick County
      • Vinton
      • Roanoke
      • Salem
      • Craig County
  • National News
  • About Us
  • Submit Content
  • Contact Us
  • Classifieds
  • Login
  • My account
Subscribe For $2.50/Month
No Result
View All Result
MM, LLC
  • West Virginia News
    • Around The State
    • By Paper
      • Mountain Messenger
      • Pocahontas Times
      • Parsons Advocate
      • Pendleton Times
      • Clay County Free Press
      • Calhoun Chronicle
      • Shinnston News
    • By County
      • Greenbrier County
      • Clay County
      • Harrison County
      • Calhoun County
      • Pocahontas County
      • Pendleton County
      • Tucker County
  • Virginia Media, INC
    • Around The State
    • By Paper
      • The Enterprise
      • Fincastle Herald
      • Henry County Enterprise
      • News Messenger
      • News Journal
      • Vinton Messenger
      • New Castle Record
      • Salem Times Register
    • By County/City
      • Botetourt County
      • Henry County
      • Radford
      • Christiansburg/Blacksburg
      • Patrick County
      • Vinton
      • Roanoke
      • Salem
      • Craig County
  • National News
  • About Us
  • Submit Content
  • Contact Us
  • Classifieds
  • Login
  • My account
No Result
View All Result
Mountain Media, LLC
  • Virginia News
  • West Virginia News
  • National News
  • Login
  • My account
  • Subscribe
Home Local National News

Biden picks Michael Barr for Fed’s bank regulation post

April 15, 2022
in National News
Reading Time: 3 mins read
Share on FacebookShare on Twitter

WASHINGTON (AP) — President Joe Biden said Friday he plans to nominate Michael Barr, the dean of the University of Michigan’s public policy school, to be the Federal Reserve’s vice chairman of supervision.

The selection of Barr comes after Biden’s first choice for the Fed post, Sarah Bloom Raskin, withdrew her nomination a month ago in the face of opposition from Republicans and one Democrat, Sen. Joe Manchin of West Virginia. Raskin’s critics had argued that she would apply the Fed’s regulatory authority to climate change and possibly discourage banks from lending to energy companies.

But with Barr, Biden noted the importance of politics in a Friday statement that said his nominee had previously cleared the Senate on a bipartisan basis.

“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.

The Democratic president said that 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.”

Barr is the dean of Michigan’s Gerald R. Ford School of Public Policy. He was an assistant Treasury secretary for financial institutions during the Obama administration who helped design the 2010 Dodd-Frank regulations after the devastating 2008 financial crisis.

Barr, a Rhodes Scholar who clerked for Justice David Souter on the Supreme Court, also served during the Clinton administration at the White House, the Treasury Department and the State Department.

Despite those credentials, some liberal critics last year blocked Barr’s candidacy to become the Biden administration’s comptroller of the currency, a position that is responsible for regulating national banks. These critics viewed with suspicion Barr’s role on the advisory boards of the financial firms Lending Club and Ripple Labs. They also asserted that he had helped dilute proposals for stricter bank regulations during the Obama administration.

But Ohio Sen. Sherrod Brown, the Democratic chairman of the Banking Committee, voiced full support for Barr.

“Michael Barr understands the importance of this role at this critical time in our economic recovery,” Brown said. “I strongly urge my Republican colleagues to abandon their old playbook of personal attacks and demagoguery and put Americans and their pocketbooks first.”

Others offer strong praise for Barr and say he appears well suited for the Fed position.

David Dworkin, president of the National Housing Conference, which advocates for affordable housing, suggested that Barr’s understanding of Wall Street gives him the right mix of “centrist expertise and progressive policy views’’ to win confirmation in a closely divided Senate.

Barr would be joining the Fed at an especially challenging and high-risk period for the central bank and the economy.

The Fed is set to raise interest rates aggressively in the coming months to try to reduce persistently high inflation. Yet it will be extraordinarily difficult for Fed Chair Jerome Powell — who is awaiting Senate confirmation for a second term — to slow inflation by raising borrowing costs without also weakening the economy and perhaps even causing a recession.

“This is about landing a very complicated plane on the runway smoothly,” Dworkin said. “It’s very hard to do.”

ShareTweetShare

Related Posts

Key inflation gauge tracked by the Fed remains a high 6.3%

June 30, 2022

WASHINGTON (AP) — A measure of inflation that is closely tracked by the Federal Reserve jumped 6.3% in May from...

‘We cannot pause our lives’: Ukrainians begin rebuilding

June 30, 2022

YAHIDNE, Ukraine (AP) — On the outskirts of a Ukrainian village stand the remnants of a small school that was...

Crypto rules to make Europe a global leader as prices plunge

June 30, 2022

LONDON (AP) — Europe prepared to lead the world in regulating the freewheeling cryptocurrency industry at a time when prices have plunged,...

About half say Trump should be charged for 1/6: AP-NORC poll

June 30, 2022

WASHINGTON (AP) — About half of Americans believe former President Donald Trump should be charged with a crime for his...

Instagram hides some posts that mention abortion

June 29, 2022

WASHINGTON (AP) — Instagram is blocking posts that mention abortion from public view, in some cases requiring its users to...

NY Democrats choose Hochul for governor; GOP picks Zeldin

June 29, 2022

NEW YORK (AP) — Nine months after she stepped into the job of New York governor as a relative unknown,...

  • Login
  • My account
  • Subscribe
  • Classifieds
Call us: +1 234 JEG THEME

© 2021 Mountain Media, LLC

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • West Virginia News
    • Around The State
    • By Paper
      • Mountain Messenger
      • Pocahontas Times
      • Parsons Advocate
      • Pendleton Times
      • Clay County Free Press
      • Calhoun Chronicle
      • Shinnston News
    • By County
      • Greenbrier County
      • Clay County
      • Harrison County
      • Calhoun County
      • Pocahontas County
      • Pendleton County
      • Tucker County
  • Virginia Media, INC
    • Around The State
    • By Paper
      • The Enterprise
      • Fincastle Herald
      • Henry County Enterprise
      • News Messenger
      • News Journal
      • Vinton Messenger
      • New Castle Record
      • Salem Times Register
    • By County/City
      • Botetourt County
      • Henry County
      • Radford
      • Christiansburg/Blacksburg
      • Patrick County
      • Vinton
      • Roanoke
      • Salem
      • Craig County
  • National News
  • About Us
  • Submit Content
  • Contact Us
  • Classifieds
  • Login
  • My account

© 2021 Mountain Media, LLC

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Sign in
  • New account

Forgot your password?

Lost your password? Please enter your email address. You will receive mail with link to set new password.

Back to login

Session expired

Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.

>

Add Mountain Media, LLC to your Homescreen

Add