President Joe Biden is expected to nominate former Treasury official Michael Barr to a top post scrutinising banks such as JPMorgan and Wells Fargo, the Wall Street Journal reported citing sources.

Barr was assistant treasury secretary for financial institutions during Barack Obama’s administration. In that role he helped create the 2010 Dodd-Frank Act, a wide-ranging overhaul of financial regulation that followed that 2008-9 global financial crisis.