ICYMI: Former Ripple adviser Barr confirmed by Senate for Fed job
The Senate confirmed Michael Barr, a former Ripple adviser, who will serve as a key watchdog role for the U.S. Federal Reserve.
President Joe Biden nominated Barr for the role after Sarah Bloom Raskin withdrew her nomination for the post in the spring. The Senate confirmed Michael Barr to serve as oversight chief for the U.S. Federal Reserve on Wednesday, ending aPresident Joe Biden nominated Barr — a former advisor to distributed ledger tech startup Ripple — to serve as vice chair of supervision for the Fed in the spring, after Republicans and key swing vote Sen. Joe Manchin Barr served in the Treasury Department during the Obama administration and helped develop the 2010 Dodd-Frank regulatory framework for financial institutions.
Barr’s confirmation means a former crypto industry adviser will work in a key role in overseeing financial institutions as inflation soars and markets remain volatile.66-28 to confirm Barr’s nomination to serve a four-year term as vice chairman for supervision of the Board of Governors of the Federal Reserve System. Forty-five Democrats and 21 Republicans voted to confirm Barr. The 28 Senators who voted against his confirmation were all Republicans. Six Senators did not vote.
The vice chair of supervision role is critical in “regulating our nation’s financial institutions to ensure Americans are treated fairly and to protect the stability of our economy,” Biden said in a© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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