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Senate confirms Michael Barr as Fed's top Wall Street regulator
By Arghyadeep Dutta - Jul 13, 2022, 05:02 PM ET
Last Updated - Jul 18, 2023, 04:47 PM EDT
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• Barr was confirmed with a vote by 68-28, with several Republicans joining Democrats
Michael Barr, a former official at the US Treasury, won Senate confirmation on Wednesday as the Federal Reserve's top Wall Street regulator, filling a role that had been vacant since Randal Quarles left late last year.
Barr will be vice chair of supervision, which oversees the US's largest banks and the central bank's stress test process, bolstering some rules that were eased during the Trump administration.
He will fill the last vacancy on the Fed's seven-member board as the central bank steps up its fight on 40-year high inflation.
The vote was 66-28, with more than a dozen Republicans joining Democrats in support.
Barr is also expected to use the powerful role overseeing the country's largest lenders to step up efforts to address other rapidly evolving areas like fintech and cryptocurrencies.
At the Treasury, Barr was a central figure in the drafting of the 2010 Dodd-Frank financial reform law, which established a range of safeguards following the 2008 financial crisis.
Picture Credit: Investopedia
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