WASHINGTON—President Biden will nominate Michael Barr, a former Treasury Department official, to serve as the Federal Reserve’s top banking regulator, the White House said, after Mr. Biden’s first pick for the job withdrew amid opposition from Republicans and a key Democratic senator.
If confirmed, Mr. Barr would serve as the Fed’s vice chairman for supervision, charged with overseeing the largest U.S. financial firms including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc.
