Former Treasury Department official and one-time Ripple Labs adviser Michael Barr has been named as President Joe Biden's latest pick as Federal Reserve vice chairman for supervision. jesseahamilton reports
President Joe Biden named former crypto industry adviser Michael Barr as his latest pick for a Federal Reserve post that's arguably the most powerful financial regulator job in the U.S.
The official announcement didn't mention Barr's background with the financial industry, which also included a stint at financial-technology platform Lending Club. Barr was hired in 2015 on the board of Ripple Labs, when he said that he thought"innovation in payments can help make the financial system safer, reduce cost, and improve access and efficiency for consumers and businesses alike.
In the evenly-divided Senate, Republicans have campaigned vigorously against some of Biden's regulatory nominations, leaving Barr's eventual confirmation in some question. Though he's previously won bipartisan support in that chamber, he could be on a more difficult road this time.
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