U.S. President Joe Biden plans to nominate former Ripple advisor Michael Barr as the next Vice Chair for Supervision of the Federal Reserve. In the position, Barr would be responsible for developing policy recommendations regarding the supervision and regulation of banks for the Fed’s board.
Barr was previously said to be under consideration to lead the Office of the Comptroller of the Currency. This time, Biden has tapped Michael Barr to bring the expertise and experience necessary for this important position at a critical time for the economy.
Michael was a senior official in former President Barack Obama’s Treasury and occupied a key role in the government’s rescue of the financial system from the 2008 financial crisis.
The most important aspect of his background for the crypto industry could potentially be his tenure on the board of advisers at Ripple. Barr previously served as an advisor to the distributed ledger tech company Ripple. He is currently a faculty member at the University of Michigan.
Biden intends to work with Senate Banking Committee Chair Sherrod Brown to move Barr’s nomination forward quickly. Consequently, He will request the Senate to swiftly confirm the four qualified nominees for the Board of Governors including Lael Brainard, Jerome Powell, Philip Jefferson, and Lisa Cook.
Recently, Trump’s former officer Mick Mulvaney was appointed as crypto advisor for Zurich-based blockchain legal assurance firm Astra Protocol. Many firms and institutions are seeking the expertise of veteran crypto leaders to assist them to lead in the growing digital-assets industry.