US. Senate committee approves nominees to Fed, SEC
The Senate Banking Committee on Wednesday advanced a Federal Reserve Board of Governors nominee and two Securities and Exchange Commission nominees.
Michael S. Barr, President Joe Biden’s nominee as the Fed’s vice chairman for supervision, and Jaime E. Lizarraga and Mark T. Uyeda, the president’s nominees to the SEC, were each approved by the committee Wednesday. The three nominees testified jointly before the committee in May.
Mr. Barr, a law professor at the University of Michigan who served as the Treasury Department’s assistant secretary for financial institutions in the Obama administration and was a key architect of the Dodd-Frank Wall Street Reform and Consumer Protection Act, was advanced out of committee in a 17-7 vote.
He was formally nominated in May to a four-year term as vice chairman for supervision as well to a seat on the Fed board with a term expiring in 2032.
Mr. Biden nominated Mr. Barr after his initial nominee, Sarah Bloom Raskin, withdrew her nomination in March after facing staunch Republican opposition and a statement from Sen. Joe Manchin, D-W.V., saying he would not support her nomination.
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