Ford School’s Michael Barr confirmed as Federal Reserve’s top banking regulator
Michael Barr, dean of the Gerald R. Ford School of Public Policy, was nominated by President Joe Biden for vice chair for supervision of the Federal Reserve in May 2022, and confirmed by the U.S. Senate in July. Upon confirmation, Barr stepped down as dean of the Ford School and took an unpaid leave of absence from U-M. He will retain his faculty appointments in public policy and law, and plans to return to the faculty after serving his term on the Federal Reserve Board of Governors.
“He [Barr] was instrumental in the passage of Dodd-Frank, to ensure a future financial crisis would not create devastating economic hardship for working families. Barr has strong support from across the political spectrum — and has been confirmed by the Senate on a bipartisan basis,” said Biden. “And he understands that this job is not a partisan one, but one that plays a critical role in regulating our nation’s financial institutions to ensure Americans are treated fairly and to protect the stability of our economy.”
Barr served in the Obama administration as the U.S. Department of the Treasury’s assistant secretary for financial institutions. Prior to his Senate confirmation, he was on the National Economic Council in the White House.
Barr previously worked in the Clinton administration as Treasury Secretary Robert Rubin’s special assistant, deputy assistant secretary of the Treasury, special adviser to Clinton and special advisor and counselor on the policy planning staff at the U.S. Department of State. He also served as a law clerk for the U.S. Supreme Court Justice David Souter during the October 1993 term, and previously for Pierre Leval, then of the Southern District of New York.