The National Community Reinvestment Coalition (NCRC) today released the following statement from NCRC President and CEO Jesse Van Tol in support of Michael Barr’s nomination to be Vice Chair for Supervision at the Federal Reserve Board:
“Michael Barr’s fluency with the law and his expertise in its enforcement make him a strong choice to serve as Vice Chair of Supervision at the Federal Reserve. I’m pleased to see President Biden nominate someone with the knowledge and willpower to hold banks and lenders accountable in this key position.
“Few people know more about the Community Reinvestment Act than Michael Barr. His extensive writings on our country’s strongest tool for combating economic inequality have guided policymakers in the right direction for decades. He will also bring renewed vigor to bank merger reviews and fresh thinking on how to strengthen those reviews to ensure they benefit the public.
“Barr’s track record of creative and pragmatic work to protect consumers and borrowers could not be clearer. He has earned the admiration and respect of leading progressive policy minds like Sen. Elizabeth Warren, with whom he collaborated in crafting key Wall Street reforms during President Barack Obama’s first term. Michael Barr will be a strong voice and watchdog on behalf of the American people.”