Michael Barr (U.S. official)
Michael S. Barr | |
|---|---|
| Born | October 6, 1965 United States |
| Occupation(s) | Legal scholar, academic, government official |
| Years active | 1992–present |
| Known for | Federal Reserve governor, Vice Chair for Supervision of the Federal Reserve (2022–2025), Assistant Secretary of the Treasury for Financial Institutions (2009–2011) |
Michael Solomon Barr (born October 6, 1965) is an American expert in legal studies who has been serving as a governor of the Federal Reserve since 2022. Between 2022 and 2025, he held the position of the second Vice Chair for Supervision. Earlier in his career, from 2009 to 2011, Barr acted as assistant secretary of the treasury for financial institutions during President Barack Obama’s administration.
Since 2001, Barr has been part of the faculty at the University of Michigan, becoming a law professor in 2006 and a professor of public policy in 2014. He is currently on leave from these roles while engaged with the Federal Reserve. He also fulfilled roles as dean of the Gerald R. Ford School of Public Policy at the University of Michigan and as faculty director for its Center on Finance, Law, and Policy. Additionally, Barr is recognized as a fellow by the National Academy of Public Administration.
Early life and education
Barr completed his undergraduate studies at Yale College in 1987, graduating summa cum laude with distinction in history. He was awarded both the New Prize for public service and the Gries Prize for his senior thesis titled "The Black Consciousness Movement in South Africa". As a Rhodes Scholar, he pursued an M.Phil. in international relations at Magdalen College, Oxford, completing it in 1989 with a thesis centered on Panama–United States relations. Subsequently, Barr earned his Juris Doctor degree from Yale Law School in 1992, where he was honored with the American Immigration Lawyers Association Human Rights Award and the Charles G. Albom Prize for appellate advocacy.
Government
Following law school graduation, Barr served as a clerk for Judge Pierre N. Leval in the Southern District of New York, then for Supreme Court Justice David Souter. In 1994, he became a special advisor on the Policy Planning Staff at the United States Department of State. From 1995 through 2001, Barr was special assistant to Secretary Robert Rubin and deputy assistant secretary at Treasury overseeing community development policy. During this tenure, he contributed to creating the Community Development Financial Institutions Fund and founded the Office of Community Development. Between 1999 and 2001, he also acted as a special advisor to President Bill Clinton, focusing on efforts such as defending the Community Reinvestment Act, initiating the New Markets Tax Credit program, and promoting fair lending through an interagency working group.
While on leave from University of Michigan Law School between 2009 and 2010, Barr returned to Treasury as assistant secretary for financial institutions. He played an instrumental role in shaping the Dodd–Frank Wall Street Reform and Consumer Protection Act enacted in 2010, particularly contributing to establishing the Consumer Financial Protection Bureau and policies aimed at improving capital availability for small businesses. Barr was also involved in passing the Credit CARD Act of 2009. His leadership earned him Treasury’s Alexander Hamilton Award in 2010. He was under consideration for positions on the Federal Reserve Board of Governors in 2014 and as director of the Consumer Financial Protection Bureau in 2010. Dubbed "Wall Street's nemesis" by Bloomberg Businessweek, Barr championed regulatory measures such as the Volcker Rule, limiting pre-emption by state consumer protection laws, and closing loopholes related to industrial loan companies despite resistance from regulators and financial industry stakeholders.
In November 2020, Barr joined President Joe Biden’s presidential transition Agency Review Team focused on Treasury affairs. By January 2021, The Wall Street Journal reported that Biden was anticipated to nominate him for the role of Comptroller of the Currency.
Academia and research
Barr established and led the Center on Finance, Law, and Policy at the University of Michigan, a multidisciplinary research center dedicated to examining financial policy, regulatory frameworks, financial products, and institutional governance.
In 2015, he helped launch the Entrepreneurs of Color Fund, aimed at providing loan capital to minority business owners in Detroit. The following year, he co-founded the Detroit Neighborhood Entrepreneurs Project (DNEP), an interdisciplinary clinic that connects students and faculty from law, business, art, and engineering disciplines to assist in small business growth.
Beginning August 1, 2017, Barr assumed a five-year appointment as the Joan and Sanford Weill Dean of Public Policy at the Gerald R. Ford School of Public Policy. He holds a position as a non-resident scholar at the Brookings Institution, serves as an advisor to the Clinton Global Initiative, and previously served as a visiting professor at the University of Pennsylvania Law School. In 2014, Barr was appointed Roy F. and Jean Humphrey Proffitt Professor of Law.
His scholarly work focuses on financial regulation and expanding access to financial services. Barr has authored more than 100 publications offering policy guidance aimed at strengthening financial system stability and promoting equity for economically disadvantaged groups. His 2007 publication, Building Inclusive Financial Systems, explores obstacles faced by households, rural communities, and micro-enterprises in obtaining financial services.
In 2009, Barr co-edited Insufficient Funds alongside former Ford School dean Rebecca Blank. This work is grounded in a comprehensive Detroit-based study involving 1,000 participants and reveals that low-income families pay disproportionately high fees for financial services while relying extensively on alternative lenders such as payday loan providers and pawnshops.
His 2012 book, No Slack: The Financial Lives of Low-Income Americans, builds on this research to offer analysis and policy recommendations aimed at improving the financial well-being of low- to moderate-income populations.
Barr also co-authored the casebook Financial Regulation: Law & Policy with Margaret E. Tahyar and Howell Jackson; initially published in 2016 with updated editions released in 2018 and 2021.
Federal Reserve
On April 15, 2022, President Joe Biden nominated Barr for the role of Vice Chair for Supervision at the Federal Reserve, succeeding the unsuccessful nomination of Sarah Bloom Raskin. He was confirmed by a Senate vote of 66–28 on July 13, 2022, as both Federal Reserve governor and vice chair and officially took office on July 19, 2022.
On January 6, 2025, Barr declared his intention to step down from his position as Fed Vice Chair for Supervision effective February 28, 2025; however, he will continue serving as a Federal Reserve governor. He remains on leave from his academic duties at the University of Michigan.
Political positions
During his tenure at the Treasury Department, Barr opposed stricter derivatives regulations, attracting criticism from progressive members within the Democratic Party. He also resisted attempts to weaken Dodd–Frank financial regulations amid U.S.-EU trade negotiations. Barr has publicly defended former Treasury Secretary Timothy Geithner, crediting him with playing a critical role in preventing another economic depression.
Personal life
Barr is married to Hannah Smotrich, a graphic designer, and together they have three children. He has provided guidance to various public policy organizations, such as the Brookings Institution, the Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion, the Bill & Melinda Gates Foundation, and the Washington Center for Equitable Growth. Additionally, Barr holds the position of non-resident senior fellow at the Center for American Progress, a progressive think tank.