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Fed Nominee Michael Barr to Face Senate Lawmakers in Crucial Hearing
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WASHINGTON—President Biden’s pick to become the government’s most influential bank regulator faces a key confirmation hurdle when he testifies Thursday before the Senate Banking Committee.
Michael Barr, who worked in the Treasury Department during the Obama and Clinton administrations, was tapped last month for a four-year term as Federal Reserve vice chairman for bank supervision. If confirmed by the Senate, he would be responsible for developing policy recommendations for the Fed board and for overseeing its regulatory staff, which supervises some of the largest U.S. financial firms, including JPMorgan Chase & Co. , Bank of America Corp. , and Citigroup Inc.
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