Lindsay Dunsmuir, Pete Schroeder

(Reuters) – U.S. Federal Reserve nominee Michael Barr was nominated Wednesday by Democratic President Joe Biden as the Wall Street officer of the central bank. He stated that he’s committed to bringing down inflation to 2%.

“Inflation runs too high and is affecting all communities across the country. I would be strongly committed to bringing down inflation to the Federal Reserve’s target, consistent with the Federal Reserve’s dual mandate of maximum employment and price stability,” Barr said in testimony released ahead of a Congressional hearing on Thursday where he will make the case for why he should take on the Fed’s sweeping regulatory portfolio as Vice Chair for Supervision.

Barr is a former Treasury Department senior official who was appointed by President Barack Obama to testify before Senate Banking Committee. He will do so at 10:00 AM. ET.

Barr did not give any details in his prepared testimony about what he will do regarding rules for the financial industry. Barr simply stated that he will be a committed advocate for ensuring that the financial sector is fair and resilient so innovation can thrive.

Barr, who was the Treasury’s chief financial officer, played an important role in the creation and implementation of Dodd-Frank’s financial reform law. This created new security measures after the 2008 financial crises.

Biden has nominated Barr as the second nominee to the Fed position. This is the Fed’s most important banking watchdog in government. Sarah Bloom Raskin (Biden’s prior pick), withdrew following moderate lawmakers saying they wouldn’t back her nomination. This was based on past comments suggesting that financial regulators need to be more proactive in managing climate risk.