Fed nominee Michael Barr calls inflation ‘far too high’

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — President Joe Biden’s pick to be the Federal Reserve’s top banking regulator pledged Thursday to help reduce high inflation and provide clear rules to govern financial innovation. Michael Barr said he would be strongly committed to bringing down inflation to the Federal Reserve’s target of 2%. Barr testified before the Senate Banking Committee, which is considering his nomination. He was a top Treasury Department official during the Obama administration and helped design the 2010 Dodd-Frank financial regulations after the devastating 2008 financial crisis. He is now the dean of the University of Michigan’s Gerald R. Ford School of Public Policy.