U.S. President Joe Biden's last nominee to be the Federal Reserve's top bank regulator, Sarah Bloom Raskin, hit a political roadblock. He has made a safer choice in naming Michael Barr to lead supervision at the central bank. The question is whether the left wing of Biden's party has also learned from the past.
An eagle tops the U.S. Federal Reserve building's facade in Washington, July 31, 2013. REUTERS/Jonathan Ernst/WASHINGTON, April 18 - U.S. President Joe Biden's last nominee to be the Federal Reserve's top bank regulator, Sarah Bloom Raskin, hit a political roadblock. He has made a safer choice in namingto lead supervision at the central bank. The question is whether the left wing of Biden's party has also learned from the past.
Barr’s role crafting the 2010 Dodd-Frank legislation gives him credibility. Then a Treasury official, Barr worked with Congress on the plan that reined in Wall Street after the 2008 financial crisis. But some progressives said he wasn’t tough enough on banks , among other criticisms. That recently helped put him out of the running for another regulatory role, leading the Office of the Comptroller of the Currency.But previous candidates for the OCC job and the Fed position failed to clear the Senate, in part because they interpreted the mandates too widely for conservatives. Barr is a more traditional choice.
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