Biden nominates Michael Barr as Federal Reserve vice chair

April 15 (UPI) -- President Joe Biden said Friday he is nominating former Obama treasury executive Michael Barr for vice chair for supervision of the Federal Reserve, replacing his original nominee, who withdrew in March.

The Senate has yet to take action reappointing Powell to the board of governors and his other nominees. The nominations hit a snag with Sen. Joe Manchin, D-W.Va., rejected Sarah Bloom Raskin as vice chair, leading to her withdrawing her name last month.

Barr is currently dean at the Gerald R. Ford School of Public Policy at the University of Michigan and the founder and faculty director of the University of Michigan's Center on Finance, Law & Policy.

Barr served as assistant secretary for financial institutions in the Obama administration and was a key architect of the Dodd-Frank Act. He also served the National Economic Council in the White House.

He also worked in the Clinton administration as a special assistant for Treasury Secretary Robert E. Rubin and special adviser and counselor on the policy planning staff at the State Department.

"Michael brings the expertise and experience necessary for this important position at a critical time for our economy and families across the country," Biden said in a statement.

"Barr has spent his career protecting consumers, and during his time at Treasury, played a critical role in creating both the Consumer Financial Protection Bureau and the position for which I am nominating him."

Biden called on the Senate to confirm all of his nominees.

"I will work with Senate Banking Committee Chair Sherrod Brown to move Barr's nomination forward quickly and urge the Senate to swiftly confirm the four eminently qualified nominees for the Board of Governors -- Jerome Powell, Lael Brainard, Philip Jefferson and Lisa Cook -- currently awaiting a vote."