Fed nominee Barr says hes committed to bringing down inflation

div classBodysc17zpet90 cdBBJodivpBy Lindsay Dunsmuir and Pete Schroederp

pReuters – U.S. Federal Reserve nominee Michael Barr, nominated by Democratic President Joe Biden to be the central banks Wall Street cop, said on Wednesday that he is committed to bringing inflation back down to 2.pdivdivdiv classBodysc17zpet90 cdBBJodiv

p“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 testimony released ahead of a Congressional hearing on Thursday where he will make the case for why he should take on the Feds sweeping regulatory portfolio as Vice Chair for Supervision.p

pBarr, a former senior Treasury Department official under President Barack Obama, will testify before the Senate Banking Committee at 10:00 a.m. ET.p

pIn his prepared testimony, Barr shed little light on what he would do on when it comes to rules for the financial sector. He simply said if confirmed, he would be committed to ensuring the financial system is resilient, fair, and innovation can flourish with “clear rules of the road.”p

pAt Treasury, Barr played a central role in crafting the 2010 DoddFrank financial reform law, which established a host of new safeguards after the 2008 financial crisis.p

pBarr is Biden‘s second nominee for the Fed post, which is one of the most powerful banking watchdogs in government. Biden’s previous pick, Sarah Bloom Raskin, withdrew after moderate lawmakers said they would not back her nomination, citing past comments that financial regulators should be more aggressive in policing risks from climate change.p

p

pp Reporting by Lindsay Dunsmuir, Pete Schroeder and Ann Saphir Editing by Chizu Nomiyamap

divdivdiv classBodysc17zpet90 cdBBJodivdivdiv