President Joe BidenMichael Barr, an ex-Treasury Department official will be named Federal Reserve’s highest regulator for large banks.

Barr was chosen after CNBC had earlier confirmed that Barr was the White House’s top choice for the job. The Fed vice chairman of supervision would be the powerful U.S. regulator for financial regulations, making Barr the author of the top financial laws.

Barr was the assistant Treasury secretary to financial institutions under the Obama administration. He helped create the Dodd-Frank Act 2010. The law came in response to the 2008-2009 financial crises. It was the most comprehensive overhaul of U.S. financial regulation.

Dodd-Frank included many provisions that were intended to protect the economy against future calamities. It also created the Consumer Financial Protection Bureau and Vice Chair for Supervision.

Biden stated that he was involved in Dodd-Frank’s passage, which helped to prevent a financial crisis from causing economic hardship for families working hard,” he said Friday in a statement accompanying the official White House announcement.

Biden stated that while he understands the partisan nature of this job, he also recognizes its critical role in regulation our nation’s financial institution to ensure Americans are treated equally and preserve our economy’s stability.

Barr also highlighted the fact that he received the support of both Democrats as well Republicans in his confirmation by the Senate.

It may just be a subtle acknowledgment of the challenges the administration had in trying to get some nominees in the Senate for financial regulatory positions in a split Senate.

Sarah Bloom RaskinBiden was the first choice to become Fed’s regulator of banks. withdrew her candidacy last month. After Joe Manchin of West Virginia, who is the most conservative Democrat, stated that he wouldn’t support her nomination because of her views regarding climate change and energy policy, she removed herself.

Barr was a winner last year been considered as Biden’s pickTo run the Office of the Comptroller of the Currency. Progressive Democrats were concerned about his cozy connections to Wall Street and he was unable to run for the Office of the Comptroller of Currency.

Later, the White House chose Saule Omarova as Barr’s replacement to head the OCC. she was forced to withdraw in NovemberBecause of the skepticism displayed by moderate Democrats Sens. Jon Tester from Montana and Mark Warner in Virginia.

In tapping Barr again, the White House is betting that Raskin’s withdrawal at the hands of Manchin is enough to persuade progressives — who might have preferred Raskin — to back a more-centrist choice.

These Democrats might want Barr to reveal details about his past work at financial technology companies such as RippleLabs, which is a blockchain-based payments company, in order to protect him from corporate interests.

However, people familiar with White House thought say that advisors to the president believe they are able convince Sen. Elizabeth WarrenD-Mass., who has previously commended Barr’s writing of Dodd-Frank as well as the establishing of the CFPB.

The moderate Democrats such as Sen. Sherrod of Ohio (chair of the Senate Banking Committee) are more likely to support the Clinton veteran than the Obama or Clinton veterans.

CNBC received a report from a Republican aide stating that Barr was likely to receive many negative votes due to his creation of financial regulations many GOP members consider excessively burdensome.

Barr will be charged, if appointed to the Fed Post, with supervising America’s top banks. JPMorgan Chase, Bank of AmericaAnd Citigroup. By ensuring that the nation’s largest lenders are safe, the vice-chair for supervision checks capital requirements and assesses risks.

Barr is one of seven Fed Board of Governors members, and he would have an important voice regarding monetary policies. They vote at all central bank meetings.

What’s more, last month the Fed kicked off expected to be a series of interest rate hikesTo help reduce unruly inflation According to the Labor Department, prices Americans pay were reported Tuesday by their office. jumped by 8.5% in the 12 months ending in MarchThis is the fastest pace since 1981.

In the best of times, it is difficult to impose higher borrowing costs on America’s economy.

Former Fed Chair, Treasury Secretary, and Economists Janet YellenThe Fed must be cautious not to rescind its easy-money policy too soon, as this could lead to a slowdown in U.S. economic growth.

“They are charged with a double mandate. On Wednesday, Fed Chair Janet Yellen stated that they will work to keep strong labor markets and bring down inflation. It has worked in the past. This combination is possible but not impossible. It will take skill and luck.

Excluding Barr, the White House has four nominees to the Fed in front of the Senate — Jerome Powell, Lael Brainard, Lisa Cook and Philip Jefferson.

Barr is the current dean of University of Michigan’s Public Policy School. He accepted the post after his work with the Obama administration. As special assistant for Treasury Secretary Robert Rubin (Deputy Assistant Secretary of Treasury) and special advisor to President Bill Clinton, Barr was also a member of the Clinton administration.