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Latest Economy, Inflation and Business News: Live Updates

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The Biden administration said on Friday that it intended to nominate Michael S. Barr, a law professor and a former Obama administration official, to be the Federal Reserve’s vice chair for supervision.

The position — one of America’s top financial regulatory spots — has proved to be a particularly thorny one to fill.

The administration’s initial nominee, Sarah Bloom Raskin, failed to win Senate confirmation after Republicans took issue with her writing on climate-related financial oversight and seized on her limited answers about her private-sector work. Senator Joe Manchin III, Democrat of West Virginia, joined Republicans in deciding not to support her, ending her chances.

Mr. Barr, the dean of the University of Michigan’s public policy school, could…

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