Ford School Dean Michael S. Barr testified before the Senate Banking, Housing & Urban Affairs Committee at his nomination hearing for the position of Vice Chairman For Supervision on the Board of Governors of the Federal Reserve. President Biden nominated Barr for the position in April.
In their reporting on the hearing, the Associated Press noted that Barr said he was committed to bringing inflation back down to a 2% annual rate.
"Inflation is running far too high, affecting communities all across our country. I would be strongly committed to bringing down inflation to the Federal Reserve’s target, consistent with the Federal Reserve’s dual mandate of maximum employment and price stability," Barr said in his prepared testimony.
Barr was introduced by Michigan Sen. Debbie Stabenow, who noted his previous government service, and in particular his role in drafting the Dodd-Frank Wall Street Reform and Consumer Protection Act and creating the Consumer Financial Protection Bureau. “His entire career has been focused on protecting consumers and building an economy that helps our entire nation thrive,” she said.
You can view the hearing here.
You can read his prepared testimony here.