Biden will nominate Michael Barr as vice chairman of the Fed for oversight

“I intend to support President Biden’s nomination for this important role in the Fed,” Ms. Warren said in a statement.

Mr Barr said he would sign an ethical pledge that could help ease worries about his ties to the financial technology industry, said a man familiar with the matter, who is not authorized to speak in public. The pledge Ms. Warren asked all Fed nominees to sign includes a promise not to work for or for financial companies for four years after leaving office.

Sen. Sherod Brown, an Ohio Democrat and chairman of the Banking Committee, said in a statement: “I will support this key candidate and strongly urge my Republican colleagues to abandon their old book on personal attacks and demagoguery.”

Sen. Patrick J., a Republican-nominated member of the committee. Tumi of Pennsylvania said reserves. “Michael Barr defended Dodd-Frank’s large bank bailout mechanism, which enshrined the law on bailing out banks from taxpayers,” Mr Toomey said in a statement. “He was also the main author of the unconstitutional and unaccountable CFPB. For these and other reasons, I have concerns about his nomination, but I look forward to meeting and discussing these and other issues.

Ian Katz, managing director at research and consulting firm Capital Alpha, on Friday gave Mr Barr a 60 percent chance of confirmation because he is more moderate than Ms Ruskin and a well-known player in the banking industry. However, Republicans can still oppose it, so Mr Katz said his confirmation was not a “stab”.

If he does not garner Republican votes, Mr Barr will have to maintain the full support of Democrats in order to pass through the Senate.

Mr Bar complemented Mr Biden’s list of candidates for the five vacancies at the central bank.

The other nominees – Jerome H. Powell for another term as chairman of the Fed, Lael Brainard as vice president and Lisa D. Cook and Philip N. Jefferson for seats on the Board of Governors – are awaiting confirmation. These nominations passed the Senate Banking Committee, the first step towards confirmation, and a Senate vote is expected in the coming weeks.