President Biden on Friday nominated Obama-era Treasury official Michael Barr to serve as the 's top banking regulator after his controversial first pick withdrew her nomination.
If confirmed, Barr would serve as the Fed's vice chairman for supervision, overseeing the nation's largest financial firms including J.P. Morgan Chase, Bank of America and Citigroup.
Barr served in both the Obama and Clinton administrations and currently works as a law professor the University of . The Fed seat has a 10-year term.
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