University Of Michigan Dean Michael Barr Confirmed As Fed's Top Banking Regulator

(CBS DETROIT) -- The U.S. Senate on Wednesday confirmed Michael Barr, dean of the University of Michigan's Gerald R. Ford School of Public Policy, as Federal Reserve's vice chairman for supervision.

Barr, who was confirmed with bipartisan support, was nominated in May by President Joe Biden.

He will join Michigan State University economist Lisa Cook, who was confirmed by the Senate to the Federal Reserve Board of Governors two months ago. Cook is also the first Black woman to be a member of the panel.

Michael Barr, University of Michigan Dean of the Gerald R. Ford School of Public Policy, has been confirmed as vice chairman for supervision and governor of the Federal Reserve Board. (credit: University of Michigan)

The selection of Barr comes after Biden's first choice for the Fed post, Sarah Bloom Raskin, withdrew her nomination a month ago in the face of opposition from Republicans and one Democrat, Sen. Joe Manchin of West Virginia.

According to a press release, Barr will be responsible for developing policy recommendations for the Federal Reserve Board and for overseeing the supervision and regulation of the largest U.S. financial institutions.

His term as the vice chairman of supervision runs for four years and his term on the Federal Reserve's Board of Governors through 2032.

Barr previously served as an assistant Treasury secretary for financial institutions during the Obama administration who helped design the 2010 Dodd-Frank regulations after the devastating 2008 financial crisis.

He also clerked for Justice David Souter on the Supreme Court and served during the Clinton administration at the White House, the Treasury Department and the State Department.

Barr issued a letter to the Ford School faculty, staff and students after his nomination in May.

"I'm forever grateful to my faculty and staff colleagues for their partnership, dedication, creativity, and resourcefulness. Together, we've strengthened the Ford School as a premier public policy school and a leading force in changing the world for the better," he said in the letter.

"I'm forever grateful, as well, to our students and to our alumni and friends. You've been a constant source of inspiration and support."

U of M officials say Barr will take an unpaid leave of absence from the university, retain his faculty appointments in public policy and law and plans to return to the faculty after serving his term.

Provost Laurie McCauley will name an interim dean as the university searches for a new dean.

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