Biden taps Michael Barr for Fed's bank regulation position
CBSMAY 2022
Biden to nominate Michael Barr to Top Fed Regulation Role
Image copyright: Andrew Harrer/Bloomberg/Getty Images [via Axios]
The Spin
Left narrative
Biden has found a credible centrist nominee with an exceptional background in financial regulation and consumer protection. Yet Republicans are already signalling their intent to obstruct his confirmation, even as the Fed struggles to alleviate the effects of the highest rate of inflation seen in 40 yrs. The GOP's resistance to bipartisan cooperation is exacerbating a state of economic crisis.
Right narrative
The Supreme Court has previously found parts of the Dodd-Frank regulations (authored or supported by Barr) to have been either unconsitutional or unaccountable by enshrining directors and regulatory organizations with too much power. Barr's record must be heavily scrutinized before he is given oversight of the largest financial firms in the US.
Progressive narrative
Barr's record in fintech and cryptocurrency raises serious concerns over his nomination, as such industries have been tipped by some as the catalysts in the next financial crash. In addition, Barr has close links to firms including the Lending Club, which designed predatory schemes to trap borrowers. He cannot be trusted to make enemies of the traditional banking system or put the economy and the American people above the interests of his own career.