President Joe Biden has chosen ANN ARBOR, MI, the dean of the University of Michigan's public policy school.
Michael Barr, who served as Dean of the Ford School since 2017, served as Assistant Treasury Secretary for financial institutions. One of his major contributions was the Wall Street reforms described in the 2010 Dodd-Frank Act.
Barr is the current chairman of the Federal Reserve. If he has been confirmed, he will lead the largest U.S. financial companies, including JPMorgan Chase, Bank of America.
In a Friday, April 15, Congress confirmed Barr on a bipartisan basis for his position in the Obama administration.
Michael brings the expertise and experience necessary for this crucial position in a critical time for our economy and families across the country, said Biden.
Biden previously offered the job to Sarah Bloom Raskin. She declined if Republicans and Sen. Joe Machin fought against Congress in West Virginia.
Barr has served as a professor at the University of Michigan at the Law School. His previous government duties include as a clerk for Justice David Souter in the United States Supreme Court, as well as serving in the Clinton administration.
UM and other senior officials praise him for his nomination.
It's a huge defeat for UM, but a major gain for America, said UM Board of Regents Chair Jordan Acker on Twitter. "I'm looking forward to seeing him confirm."
"Michael Barr is exceptional in his combination of knowledge of the regulatory system, desire for public policy to assist individuals, pragmatism in developing solutions, and ability to work with a wide range of people to get things done," wrote Jason Furman on Twitter. "He deserves to be confirmed promptly."
Biden previously considered Barr as Barr's administration's comptroller of the currency, a position that is responsible for regulating national banks. Liberal critics have sparked his candidacy as a result of Barr's advisory roles for the financial firms Lending Club and Ripple Labs, according to the AP.
This is the likely second UM official this year to leave the university for a Federal Reserve position. will leave on May 15 to become president and CEO of the Federal Reserve Bank of Boston after previously planning to return as faculty at the Ford School.
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