Senate Banking Advances Fed and SEC Nominees
June 13, 2022
Barr on Track for Top Fed Bank Regulator
On June 8, the Senate Banking committee advanced the nomination of Michael Barr to serve as Vice Chair for Supervision on the Board of Governors of the Federal Reserve. Five Republicans supported Barr’s nomination: Ranking Member Pat Toomey (R-PA), Sen. Tim Scott (R-SC), Sen. Mike Rounds (R-SD), Sen. Cynthia Lummis (R-WY), and Sen. Jerry Moran (R-KS). Barr will now head to the full Senate where he is likely to be confirmed.
The bipartisan support is a win for the Biden administration after a few high profile nominees had to withdraw because of moderate opposition, including for the Vice Chair of Supervision. As we’ve previously covered, Sarah Bloom Raskin withdrew from the process amid intense opposition from Republicans and ultimately when Sen. Joe Manchin (D-WV) announced his opposition because of her views on regulating climate through the banking system.
SEC Nominees Sail Through
Both of Biden’s SEC nominees, Jaime Lizárraga and Mark Uyeda, were easily approved by the committee on a voice vote and will advance for consideration by the full Senate.
Lizárraga, a Democratic appointee, currently serves as Senior Advisor to House Speaker Nancy Pelosi and has previously served as an appointee at Treasury and the SEC. Lizárraga will replace outgoing Commissioner Allison Lee, whose term expires in June.
Uyeda, who currently serves on the Republican staff for the Senate Banking Committee and previously served in senior roles to SEC commissioners, would fill a Republican vacancy on the SEC.
The SEC nominations will not change the commission’s Democratic control, currently split 3-1. If both nominees are confirmed the balance will be 3-2 in favor of Democrats. Federal law prohibits the president from selecting more than three members of the commission from the same political party.