WHAT THEY ARE SAYING: President Biden's Fed Nominee Michael Barr Wins Praise for Extensive Credentials and Proven Track Record of Consumer Advocacy

President Biden's announcement of Michael Barr as nominee for Vice Chair for Supervision of the Federal Reserve is winning praise already from congressional and academic leaders. Having played a crucial role in the creation of the Consumer Financial Protection Bureau and served across multiple administrations in roles at Treasury and the National Economic Council, Barr has won support for being both eminently qualified and uniquely prepared to ensure that the Federal Reserve facilitates an economy that works for all Americans.

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US Senator and Banking Committee Chair Sherrod Brown: "Now more than ever, we need a full Fed Board – including a Vice Chair of Supervision…Michael Barr understands the importance of this role at this critical time in our economic recovery…I will support this key nominee." [Statement, 4/15/22]

US Senator Elizabeth Warren: "The Fed's Vice Chair for Supervision is a powerfully important financial regulator, responsible for holding the biggest banks accountable and preventing the next financial crisis — and this position should have been filled months ago without political delay. During the Obama administration, Michael Barr was a key force in the creation of the Consumer Financial Protection Bureau, and I intend to support President Biden's nominee for this important role at the Fed. Moving forward, the Federal Reserve must rebuild public trust after the gravest ethics scandal in Fed history and safeguard our economy as families confront higher prices and corporate profits skyrocket." [Statement, 4/15/22]

US Senator Gary Peters: "I'm pleased to see @POTUS select @UMich's Michael Barr to be a Vice Chair of the Federal Reserve. Michael's depth of experience would serve us well as we work to bolster our economic recovery and support Michigan families." [Tweet, 4/15/22]

University of Chicago Professor of Economics Austan Golsbee: "@Michael_S_Barr helped steer us out of the financial crisis and was central in reestablishing rules of the road on banks in its aftermath. He's a great choice for the Fed and had bipartisan support the last time he was confirmed. GET HIM IN THERE." [Tweet, 4/15/22]

Former Council of Economic Advisors Chair Jason Furman "Michael Barr is unparalleled in his combination of knowledge of the regulatory system, passion for public policy to help people, pragmatism in developing solutions and ability to work with a wide range of people to get things done. Fantastic pick--he should be confirmed quickly." [Tweet, 4/15/22]

Former Council of Economic Advisors Betsey Stevenson: "Michael Barr is a brilliant pick." [Tweet, 4/15/22]

Hope CEO Bill Bynum: "Michael Barr is an exceptional choice for Vice Chair for Supervision for the Federal Reserve Board of Governors. Since the late 90's, I have witnessed Dr. Barr work tirelessly to advance policies that level the financial playing field for historically marginalized communities. His contributions include pivotal roles in the design and passage of the Treasury Department's Community Development Financial Institution Fund and New Markets Tax Credit Program, efforts which have driven transformational capital into opportunity-starved communities. Following the Great Recession, he served as a lead architect of the Consumer Financial Protection Bureau, working to protect our most vulnerable citizens from abusive financial practices. His support for a more equitable financial marketplace, combined with his extensive knowledge of the financial system make him unequivocally qualified to help ensure that America's financial system works in the best interest of all – not just a privileged few." [Tweet, 4/15/22]

National Community Reinvestment Coalition President Jesse Van Tol: "Michael Barr's fluency with the law and his expertise in its enforcement make him a strong choice to serve as Vice Chair of Supervision at the Federal Reserve. I'm pleased to see President Biden nominate someone with the knowledge and willpower to hold banks and lenders accountable in this key position. Few people know more about the Community Reinvestment Act than Michael Barr. His extensive writings on our country's strongest tool for combating economic inequality have guided policymakers in the right direction for decades. He will also bring renewed vigor to bank merger reviews and fresh thinking on how to strengthen those reviews to ensure they benefit the public." [Statement, 4/15/22]

University of Michigan Professor Justin Wolfers: "Having worked closely with Michael Barr (he's Dean of the Ford School), I can say that he's a terrific manager, with sound financial instincts, and a deep commitment to a financial system that works for everyone. He would be a fantastic Fed vice chair for supervision." [Tweet, 4/15/22]

University of Pennsylvania Finance Professor Ben Keys: " Fantastic choice to nominate, @Michael_S_Barr, who is not only a superb public servant and played a key role in developing Dodd-Frank and the CFPB, but also a deep thinker and all-around great person!" [Tweet, 4/15/22]

New America Senior Advisor Cecilia Munoz: "This is such good news for the country. @Michael_S_Barr is as skilled and principled as they come." [Tweet, 4/15/22]

President and CEO of Calvert Advisors Camden Fine: "Michael Barr is an excellent choice for Fed VC for Sup and Reg. His senior government experience was forged under the intense pressure of the great financial crisis. He proved a highly competent, skilled and dedicated public servant with unquestioned integrity." [Tweet, 4/15/22]

Wayne State University Vice President for Economic Development Ned Staebler: "Congrats to @Michael_S_Barr! A great choice." [Tweet, 4/15/22]