Michael Barr to Be Nominated as Top Banking Regulator

WASHINGTON—President Biden will nominate Michael Barr, a former Treasury Division official, to function the Federal Reserve’s high banking regulator, the White Home mentioned, after Mr. Biden’s first choose 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.