Warren praised him in her 2014 book “A Fighting Chance,” crediting him with helping to create a strong Consumer Financial Protection Bureau.
Barr holds bachelor’s and law degrees from Yale University, and was a Rhodes Scholar at Oxford University. He served as a law clerk to former U.S. Supreme Court Justice David Souter in 1993.
He had been a candidate to run the Office of the Comptroller of the Currency earlier in the Biden administration, but when word of his potential nominee surfaced last year, some progressives rose in opposition. Those activists were wary of his ties to financial technology companies. He was an outside adviser to Ripple Labs Inc. until 2017.
This article was provided by Bloomberg News.