Confirmation hearing scheduled this week for Fed nominee for supervision vice chair

Michael S. Barr, nominated for vice chair for supervision of the Federal Reserve Board, will receive a hearing on his confirmation Thursday by the Senate Banking Committee, the panel announced last week.

The hearing begins at 10 a.m. ET.

Barr, a former Treasury official in the Obama Administration, was nominated by President Joe Biden (D) in April. If confirmed, he would be only the second vice chair for supervision on the board.

In announcing his intention to nominate Barr, Biden said he “brings the expertise and experience necessary for this important position at a critical time for our economy and families across the country.”

The position was formerly held, until last fall, by Randal Quarles – the first to hold the position, who was named by former President Donald Trump (R ). Barr’s term in that position ended in October; he resigned from the Federal Reserve Board in December.

He is currently the Joan and Sanford Weill Dean of the Gerald R. Ford School of Public Policy, the Frank Murphy Collegiate Professor of Public Policy, the Roy F. and Jean Humphrey Proffitt Professor of Law at the University of Michigan Law School, and the founder and faculty director of the University of Michigan’s Center on Finance, Law & Policy.

At the law school, the White House added, he teaches financial regulation and international finance, and he co-founded the International Transactions Clinic and the Detroit Neighborhood Entrepreneurs Project.

Under President Barack Obama (D), he served in the National Economic Council in the White House and as assistant Treasury secretary for financial institutions – where, the White House said, he was a key architect of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank).

Under President Bill Clinton (D), he served as Treasury Secretary Robert E. Rubin’s special assistant, as deputy assistant secretary of the Treasury, as special adviser to President Clinton, and as a special adviser and counselor on the policy planning staff at the U.S. Department of State.

Nomination Hearing: Senate Banking Committee, May 19 10 a.m. ET