The next top supervisor for the Federal Reserve is expected to receive a confirmation vote Tuesday, according to the Senate executive calendar published Monday.
Michael S. Barr, who was nominated by President Joe Biden (D) in April to be the second-ever Federal Reserve Board vice chair for supervision, is actually scheduled to receive two confirmation votes on Tuesday: the first as a member of the Fed Board for the unexpired term of 14 years that began Feb. 1, 2018 (running to 2032); the second as supervision vice chair for a four-year term.
If confirmed, Barr would succeed Randal Quarles in the vice chair post; Quarles was the first to hold the job. His four-year term ended last October; he resigned from the Fed Board in December.
The vote is scheduled under a unanimous consent agreement among senators.
Barr’s nomination was recommended for confirmation by the Senate Banking Committee in June on a bipartisan vote of 17-7, which included all Democrats and five Republicans.
Barr is a former Treasury official, having served in the administration of President Barack Obama (D) 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).
He also served in the administration of President Bill Clinton (D) 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.
He most recently served as 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.