That slot has remained unfilled so far, partly due to Republican opposition on Capitol Hill. Backers argue that Tarullo would be a perfect fit. Sheila Bair, former chief of the Federal Deposit Insurance Corp., argues that the Dodd-Frank provision creating a Senate-confirmed vice-chairman position in charge of bank supervision is important because it would permanently elevate the status of bank supervision at the central bank. Many have pointed to the 2008 financial crisis as proof that the Fed historically has given short shrift to its bank supervision duties.
Whoever the Obama administration nominates for the role would have a difficult time obtaining the filibuster-proof 60 votes to be approved by the Senate for the position. Opponents contend that Tarullo would have a particularly hard time gaining approval.
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