President Joe Biden has announced his intention to nominate former Obama administration official and Ripple adviser, Professor Michael Barr, as the Fed vice-Chair for supervision, following the withdrawal of former Federal Reserve Board Governor Sarah Bloom Raskin.
In an announcement on Friday, the White House said Barr was Biden’s pick to supervise the Federal Reserve and set the regulatory agenda for its leadership.
Between 2015 and 2017, Barr was a Ripple adviser. He also served as the Treasury Department’s assistant secretary for financial institutions during Barak Obama’s administration and taught courses on financial regulation at the University of Michigan.
According to the White House, Barr was a key architect of the Dodd-Frank Act, the legislation that continues to influence financial policy in the United States, which was one of the reasons he was considered for the vacant position.
President Joe Biden noted:
“Barr has strong support from across the political spectrum — and has been confirmed by the Senate on a bipartisan basis. He understands that this job is not a partisan one, but one that plays a critical role in regulating our nation’s financial institutions to ensure Americans are treated fairly and to protect the stability of our economy.”
According to the report, Biden wanted to move Barr’s nomination forward quickly, since the position he’s nominated to occupy is currently vacant as aforementioned.
Ohio Senator Sherrod Brown, who chairs the Senate Banking Committee, has stated that he would support the nomination due to the urgent need for a full Fed board.
Senator Sherrod Brown noted:
“The vice-chair of supervision plays a critical role in protecting our financial system and must prioritize strong financial regulation, and identify and stay ahead of risks to our economy. I will support this key nominee, and I strongly urge my Republican colleagues to abandon their old playbook of personal attacks and demagoguery and put Americans and their pocketbooks first.”
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