Biden to nominate Michael Barr to Top Fed Regulation Role
The Facts
Pres. Biden has stated his intention to nominate Michael Barr, the dean of the University of Michigan's public policy school, to be the Federal Reserve's vice chairman of supervision.
Sarah Bloom Raskin, Biden's initial choice, withdrew after opposition from Republicans and Democrat Sen. Joe Manchin.
The Spin
Left narrative
Biden has found a credible centrist nominee with an exceptional background in financial regulation and consumer protection. Yet Republicans are already signalling their intent to obstruct his confirmation, even as the Fed struggles to alleviate the effects of the highest rate of inflation seen in 40 yrs. The GOP's resistance to bipartisan cooperation is exacerbating a state of economic crisis.
Right narrative
The Supreme Court has previously found parts of the Dodd-Frank regulations (authored or supported by Barr) to have been either unconsitutional or unaccountable by enshrining directors and regulatory organizations with too much power. Barr's record must be heavily scrutinized before he is given oversight of the largest financial firms in the US.
Progressive narrative
Barr's record in fintech and cryptocurrency raises serious concerns over his nomination, as such industries have been tipped by some as the catalysts in the next financial crash. In addition, Barr has close links to firms including the Lending Club, which designed predatory schemes to trap borrowers. He cannot be trusted to make enemies of the traditional banking system or put the economy and the American people above the interests of his own career.
