Michael Barr appointment to head Fed’s bank oversight advances
WASHINGTON (Reuters) -The U.S. Senate Banking Committee voted on Wednesday to advance the nomination of Michael Barr to function the Federal Reserve’s prime regulatory official.
By a vote of 17 to 7, the panel agreed to ship his nomination to the total Senate. If confirmed as vice chair for supervision, Barr, a former senior Treasury Division official, could be accountable for the Fed’s financial institution oversight.
President Joe Biden’s earlier decide, Sarah Bloom Raskin, withdrew after garnering insurmountable opposition from Republicans and reasonable Democrats.
If confirmed, Barr would fill the remaining emptiness on the Fed board and tackle a broad agenda that’s more likely to embody revisiting guidelines that had been eased below his predecessor, Randal Quarles, and taking steps to handle local weather change threat, fintechs and cryptocurrencies.
All 12 Democrats on the committee backed Barr’s nomination, as did 5 Republicans, together with rating member Patrick Toomey.
Committee Chairman Sherrod Brown referred to as Barr an “distinctive nominee.”
Toomey, who led the opposition to Raskin’s nomination, mentioned he backed Barr partially as a result of the nominee had given him assurances that he wouldn’t use the position to advertise guidelines that might restrict the movement of capital to vitality firms “to speed up the transition to a low-carbon economic system.”
The panel additionally voted to advance the nominations of Jaime Lizárraga and Mark Uyeda, Biden nominees to be commissioners of the Securities and Alternate Fee.
(Reporting by David Morgan; Writing by Pete Schroeder and Dan Burns; Modifying by Chris Reese and Howard Goller)
