President Biden Nominates Michael S. Barr for FRB Vice Chair for Supervision

President Joseph R. Biden nominated Michael S. Barr to serve as a member of the Federal Reserve Board ("FRB") and to serve as the next Vice Chair for Supervision.

If approved by the Senate, Mr. Barr would serve an unexpired term on the FRB of 14 years from February 1, 2018. The term as Vice Chair for Supervision would be four years. The nominations for both roles are to replace Randal Quarles, who stepped down in December 2021.

Mr. Barr is the Joan and Sanford Weill Dean of the Gerald R. Ford School of Public Policy at the University of Michigan. He served as Under Secretary of the Treasury for Domestic Finance and Assistant Secretary of the Treasury for Financial Institutions during the Obama Administration.

Along with Mr. Barr's nomination, President Biden formally withdrew his nomination of Sarah Bloom Raskin to serve as a member of the FRB. Ms. Raskin, who was previously nominated to serve as Vice Chair for Supervision, withdrew her candidacy, citing Republican opposition to her climate risk positions that resulted in delays in the advancement of other nominees (see related coverage).