Fed nominee says he is committed to bringing inflation back to 2%

On Wednesday, a Reuters U.S. Federal Reserve nominee Michael Barr, nominated by Democratic President Joe Biden to be Wall Street cop, said he is committed to bringing inflation back to 2%.

Inflation is too high, and it affects communities all over the country. Barr said in testimony released ahead of a Congressional hearing on Thursday that he 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, a former Treasury Department official under President Barack Obama, will testify before the Senate Banking Committee at 10: 00 a.m. Barr gave little light in his testimony on what he would do when it comes to rules for the financial sector. He said that he would be committed to ensuring that the financial system is resilient, fair, and innovation can flourish with clear rules of the road. Barr was a key role in crafting the 2010 Dodd-Frank financial reform law, which established a host of new safeguards after the 2008 financial crisis.

Barr is one of the most powerful banking watchdogs in government, and is one of the two nominees for the Fed post. 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.