The Senate on Wednesday confirmed Michael S. Barr as the Federal Reserve Board of Governors' vice chairman for supervision in a 66-28 vote.
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 confirmed in a separate 66-28 vote Wednesday to a seat on the Fed board with a term expiring in 2032.
He was confirmed to a four-year term as vice chairman for supervision.
President Joe Biden formally nominated Mr. Barr in May and the Senate Banking Committee advanced his nomination in a 17-7 vote in June.
Mr. Biden nominated Mr. Barr after his initial nominee, Sarah Bloom Raskin, withdrew in March after facing staunch Republican opposition and a statement from Sen. Joe Manchin, D-W.V., saying he would not support her nomination.
The Dodd-Frank Act created the Fed's vice chair for supervision position in 2010 to oversee bank regulation. Randal K. Quarles, the first person to hold the position, resigned in December.
Mr. Barr will join the Fed board at a challenging time as it works to reign in persistently high inflation. The Fed is expected to once again raise interest rates at its next meeting July 26-27.
