President JoeBiden has nominated Michael Barr, one of the designers of the 2010 Dodd-Frank Act that overhauled the financial regulatory system, to serve as the Federal Reserve’s top banking regulator.
Barr previously served as assistant treasury secretary for financial institutions under former President Barack Obama and was one of the driving forces behind the regulatory changes following the financial crisis, including the creation of the Consumer Financial Protection Bureau, the agency created to monitor credit cards, mortgages, and other financial products used by consumers that have since become a top target for Republicans. Barr also served on the National Economic Council.
Sherrod Brown, chairman of the Senate Banking Committee, released a statement on Friday morning praising Biden’s choice of Barr and emphasizing the need for the central bank to have a full and functioning board. “Michael Barr has defended Dodd-Frank’s big-bank bailout mechanism, which enshrined into law taxpayer bailouts of banks,” Toomey said. “He was also the primary author of the unconstitutional and unaccountable CFPB. For these and other reasons, I have concerns about his nomination, but I look forward to meeting and discussing these and other matters.”
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