President Joe Biden said he plans to nominate Michael Barr to be the Fed’s vice chair for supervision. Barr is a former Obama Treasury official, and helped design the Dodd-Frank financial reform law in the wake of the financial crisis.
The Senate Banking Committee’s top Republican, Pat Toomey, said he’s concerned about Barr’s role in defending bailouts of big banks.
From 2015 to 2017, Barr was on the advisory board of Ripple, a cryptocurrency company now being investigated by the Securities and Exchange Commission.
Biden says he’ll work with the committee to move Barr’s nomination forward quickly.
NTD spoke with Kate Judge, a professor at Columbia University, to learn more.
