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WASHINGTON—President Biden will nominate Michael Barr, a former Treasury Division official, to function the Federal Reserve’s prime banking regulator, the White Home stated, after Mr. Biden’s first decide for the job withdrew amid opposition from Republicans and a key Democratic senator.
If confirmed, Mr. Barr would function the Fed’s vice chairman for supervision, charged with overseeing the most important U.S. monetary corporations together with JPMorgan Chase & Co., Financial institution of America Corp. and Citigroup Inc.
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