US President Joe Biden plans to nominate Michael Barr as the next vice chair for supervision of the Federal Reserve, the White House said in a statement on Friday.
If approved by the US Senate, Barr, a former Treasury Department official, would become the Fed's top regulator in charge of large banks.
"Michael brings the expertise and experience necessary for this important position at a critical time for our economy and families across the country," Biden said in the statement.
"He understands that this job is not a partisan one, but one that plays a critical role in regulating our nation’s financial institutions to ensure Americans are treated fairly and to protect the stability of our economy," Biden added.
During his Treasury tenure, Barr played a role in establishing the Consumer Financial Protection Bureau in 2011, responsible for consumer protection in the financial sector, according to the statement.
In addition, he was involved in passing the 2010 Dodd-Frank Act, which reformed the US financial services industry in the aftermath of the 2008 financial crisis.
Biden’s first pick for the Fed’s bank regulator, Sarah Bloom Raskin, withdrew her candidacy last month after West Virginia Democrat Senator Joe Manchin said he would not support Raskin's nomination due to her views on climate change and energy policies.
The president has earlier nominated four individuals for the Fed's Board of Governors – Jerome Powell, Lael Brainard, Philip Jefferson, and Lisa Cook – who are currently awaiting a Senate vote of approval.