By Andrea Shalal

WASHINGTON (Reuters – U.S. president Joe Biden said Friday that he would nominate Michael Barr, a former Treasury official, to the Federal Reserve’s top regulatory officer. Barr will replace Sarah Bloom Raskin in March who withdrew after she failed to gain the support from moderate Democrats.

Barr was a University of Michigan Law School professor and was a pivotal figure for the Treasury during President Barack Obama’s 2010 Dodd-Frank financial restructuring law.

Biden stated in a statement that Michael brings “the expertise and experience required for this important post at a crucial time for our economy, families across the nation”

As the Fed Vice Chair for Supervision, the Fed is charged with supervising large banks and determining the proper capital ratios. The Fed also represents the United States at cross-border discussions over international banking standards.

Biden stated that Barr, as Treasury assistant secretary for financial institution, helped to shape the Wall Street reform after 2008-2009’s global financial crisis. He also said that Barr enjoyed strong support from all political parties.

President Trump stated that he will work closely with Senate Banking Committee in order to expedite Barr’s nomination. He also called upon the Senate to confirm four of his other nominees for important Fed positions, including Jerome Powell, for a second term.

Biden pointed out that Barr had been confirmed in 2009 on a bipartisan foundation for the Treasury job.

Sherrod Brown, Chair of the Senate Banking Committee said that he will support Barr’s nomination. He also strongly encouraged his Republican counterparts to refrain from personal attacks on Barr and vote for him.

Brown stated that this is a vital job to ensure the economy functions for all at a time in which working families face rising costs and corporate profits are on the rise.

Barr had previously been considered to be a candidate for an additional bank regulatory job, as the Office of the Comptroller of the Currency’s Head. But some progressives objected citing his involvement with certain fintech companies following he left the government.

Biden stated that Barr was a long-standing consumer advocate and had played a crucial role in the creation of the CFPB as well the Fed position for which he is being nominated. He served on the White House National Economic Council.

Richard Corday, ex-director of CFPB has described Barr “a progressive champion”, while Elizabeth Warren has called him “a great hero” because of his Dodd-Frank efforts.

Biden stated that he was instrumental in Dodd-Frank’s passage to prevent a financial crisis from causing economic hardship for families working hard.

Raskin withdrew her candidacy for the Fed’s top regulatory role on March 15. This was a day following statements by Joe Manchin, Democratic Senator of Pennsylvania, and other moderate Republicans that they were not going to back Raskin. There is no pathway to confirm Raskin in the Senate.