U-M's Michael Barr confirmed as Federal Reserve's top bank supervisor
Michael Barr, dean of the University of Michigan's Gerald R. Ford School of Public Policy, was confirmed in a bipartisan vote in the U.S. Senate Wednesday to be the chief banking supervisor for the Federal Reserve Board.
Barr was confirmed in a vote of 66-28 in the Senate as 21 Republican senators joined the 43 Democrats and two independents voting in accepting his nomination. A former assistant Treasury secretary during President Barack Obama's tenure, Barr was nominated by President Joe Biden after his first nominee for the job, Sarah Bloom Raskin, of Maryland, was turned back by Republicans in the Senate.
Barr joins Michigan State University economist Lisa Cook on the Federal Reserve Board. In May, she became the first Black woman to join the board in its history on a narrow, 51-50 party-line vote.
Barr was nominated this spring to become a governor of the Federal Reserve Board and its vice chair for supervision, a role he helped create as part of financial reforms put in place after the Great Recession more than a decade ago.
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He also joins the board at a time when it is wrestling with raising interest rates in the face of inflation at its highest levels in four decades.
His term as vice chairman of supervision runs for four years and his term on the Fed's Board of Governors runs through 2032. The Fed sets monetary policy for the nation.
Barr also holds the distinction of being the Roy F. and Jean Humphrey Proffitt professor of law at the University of Michigan Law School.
Michigan lawmakers praised Barr's selection and his confirmation, with U.S. Sen. Gary Peters, a Democrat, saying, "His leadership and experience will play a key role in strengthening our economy and supporting families in Michigan and across the country.”
U.S. Sen. Debbie Stabenow, also a Democrat, said, "During his time at the U.S. Treasury, he worked extensively to prevent a future financial crisis. His experience and thoughtfulness make him a great fit. I’m confident he will continue to ensure we have a stable economy on the Federal Reserve board as the vice chair for supervision."
Barr will take an unpaid leave of absence from U-M, retaining his faculty appointments. The school said he plans to return after serving his term on the Federal Reserve Board of Governors.
Contact Todd Spangler at tspangler@freepress.com. Follow him on Twitter @tsspangler. Read more on Michigan politics and sign up for our elections newsletter.
This article originally appeared on Detroit Free Press: U-M Michael Barr confirmed as Fed's chief banking supervisor
