Biden’s new candidate for Fed’s vacant seat

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After the Fed’s first candidate for Financial Institutions Vice President, Raskin, announced that he was withdrawing from his candidacy, the new nominee to be nominated for the said post was announced.

Biden, in his written statement on the subject, stated that he intends to nominate Michael Barr for the Fed’s Vice President for Financial Institutions.

Emphasizing that he is aware that rising prices and inflation are straining the budgets of American families, Biden said that Barr has the necessary expertise and experience for the task at this “critical time”.

Biden, pointing out that Barr has tried to protect consumers throughout his career, stated that he played an important role in the creation of the Consumer Financial Protection Bureau during his tenure at the Treasury Department and was instrumental in passing the Dodd-Frank Act to protect consumers. .

Biden stated that he will work with Senate Banking Committee Chairman Sherrod Brown to quickly accept Barr’s candidacy, and that names such as Jerome Powell, Lael Brainard, Philip Jefferson and Lisa Cook, who were nominated for other positions in the Fed, also quickly He called on the Senate to be ratified.

Biden first nominated Sarah Bloom Raskin to serve as Fed’s Vice President of Financial Institutions in January.

Faced with opposition from the moderate wing of the Democrats as well as Republicans, Raskin became the most controversial of Biden’s five candidates nominated for vacant posts at the Fed.

U.S. Senate Banking Committee session scheduled for February to vote on the bank nominations of Leal Brainard, Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson, including Fed Chairman Jerome Powell’s nomination for a second term. It was delayed amid the Republican boycott.

Republican Senator Pat Toomey urged Republicans to boycott the vote, citing unanswered questions about Raskin’s role on the board of a fintech company in the past, and 12 Republican members of the Committee boycotted the session over objections against Raskin.

Raskin announced in March that he withdrew his candidacy for the post.

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