Wednesday, August 10

Biden’s pick for Fed’s top bank cop advances in Senate

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WASHINGTON — Michael Barr, US President Joe Biden’s pick to fill the last remaining vacancy on the seven-member Federal Reserve Board, advanced toward confirmation on Tuesday after clearing a procedural hurdle in the US Senate.

Senators voted 66-27 to limit debate on Barr’s nomination to the US central bank, a result that allows the Senate leadership to hold a vote on his actual confirmation as Fed governor. It was not immediately clear when that vote would take place.

Barr, a former senior Treasury Department official, is also Biden’s pick to be the Fed’s Vice Chair for Supervision, a nomination that requires a separate set of cloture and confirmation votes in the Senate, the timing of which is also unknown.

(Reporting by David Morgan in Washington with Lindsay Dunsmuir and Ann Saphir Editing by Matthew Lewis)