Fed Vice Chair for Supervision nominee Michael Barr garnered bipartisan support and enough votes Wednesday in the Senate Banking Committee to advance his nomination.
With a Senate Banking Committee vote of 17 to 7, Barr's nomination will move forward to full Senate consideration. Senators Wednesday did not give any indication as to when Barr would receive that final confirmation vote.
Barr appears likely to join the Fed as it debates how far to raise interest rates to combat inflation that is at a four decade high. (See: MNI: Fed June Dots To Show Further Hawkish Shift -Ex-Officials)