Biden announces Fed nominee Michael Barr after Raskin withdrawal
Michael Barr previously worked in the Obama and Clinton administrations
President Biden will nominate Michael Barr to be vice chair for supervision of the Federal Reserve after the failed nomination of Sarah Bloom Raskin.
Barr is a former Obama and Clinton administration official and is currently at the University of Michigan.
"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 a statement.
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"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."
Raskin, Biden's previous pick for the Federal Reserve's top banking regulator, withdrew her nomination last month, according to a source familiar with the matter, after Republicans and one key Democrat opposed her nomination.
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In a letter to Biden obtained by the New Yorker, Raskin blamed "relentless attacks by special interests," who opposed her view that climate change could pose a threat to economic stability, for derailing her nomination.