Barr’s Back

As expected, President Biden today nominated Michael Barr to be the Fed’s supervisory vice chair.  Although some progressive groups oppose him on grounds that he conceded too much during Dodd-Frank negotiations in 2010, we expect him to get uniform, strong support from Democrats, such as Sen. Warren (D-MA), who all know him well.  At this point, Sen. Manchin (D-WV) is likely to align with Democrats because he does not generally oppose all nominations and used at least some of his ample political capital against Sarah Bloom Raskin.