Senate confirms Michael Barr to become the government’s most influential banking regulator;

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Barr was confirmed to finish out the remainder of a term on the Fed board lasting through 2032 and a four-year term as the Fed’s point man on financial regulations.

“Today’s confirmation of Michael Barr as Vice Chair for Supervision of the Federal Reserve is important progress for my plan to tackle inflation and for sound oversight as we transition to steady and stable growth,” Biden said in a statement.

Mr. Barr won bipartisan support for the regulatory role, which has a four-year term. The vote was 66-to-28, surpassing the 50 votes needed for confirmation. Earlier on Wednesday, senators confirmed Mr. Barr to a 10-year term on the Fed’s governing board.

A dean of public policy at the University of Michigan, Mr. Barr is the last of Mr. Biden’s slate of five appointees to the central bank. Fed Chairman Jerome Powell and three other appointments were confirmed in recent months.

Barr succeeds former Fed Vice Chair of Supervision Randal Quarles, who was nominated and confirmed to the position in 2017 under former President Trump. Quarles left the Fed in December after his term lapsed in October.

As vice chair of supervision, Barr will be responsible for overseeing the Fed’s regulation of major banks operating in the U.S., including the stress tests conducted under Dodd-Frank for banks deemed “too big to fail.” He will also play a critical role in the Fed’s approach to cryptocurrencies and stable-coins, which the central bank sees as both innovations as serious risks to financial stability.

Friends and former colleagues said that if Mr. Barr does try to change direction at the Fed, they expect he will take a collaborative and pragmatic approach.

An academic known for his work on financial inclusion and consumer advocacy, Mr. Barr had stints in the Treasury Department during the Clinton and Obama administrations, including as a top lieutenant to then Treasury Secretary Timothy Geithner. Mr. Barr played a role as an architect of the 2010 Dodd-Frank financial overhaul.

Barr additionally will join the Federal Open Market Committee (FOMC), the panel of Fed officials responsible for setting interest rates and other monetary policy tools.

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