Barr commentary cited by Sen. Warren regarding Fed Vice Chair confirmation

March 2, 2022

Ford School Dean Michael S. Barr provided insight for Sen. Elizabeth Warren (D-MA) as she pressed the Senate to confirm Professor Sarah Bloom Raskin as Fed Vice Chair for Supervision, noting the increased risks the vacancy poses to the U.S. financial system. Warren, a member of the Senate Banking, Housing, and Urban Affairs Committee and the Senate Finance Committee, had requested commentary from economic experts about the slow confirmation process. 

“These experts are right. It is critical that Ms. Raskin be confirmed quickly, and the failure to do so leaves the Fed less capable of ensuring financial stability. This is particularly dangerous given the threats to the international economy from the ongoing Russian attacks in Ukraine, and it is outrageous that Republican members of the Committee are preventing the Committee from even voting on her nomination,” Sen. Warren said in a statement. 

Barr's commentary concluded, "In my judgment  it  would not  be  appropriate  to  delay  confirmation  of  the  Vice  Chair  for  Supervision,  or  to delay the  confirmation of  any of  the  pending  nominees  to  serve  on the  Board of  Governors.  All  of the nominees  are  highly qualified  to  serve. It  greatly  weakens  the  ability  of  the  Board  to conduct  monetary  policy and supervise  the  financial  system  to  have  these  nominees’  confirmations  delayed."