Michael Barr, Ripple’s former adviser, has been announced by Joe Biden as the next Vice President of Oversight of the Federal Reserve. Randal Quarles’ term expired in October 2021.
Will Michael Barr become the Fed’s vice chairman?
Former Obama administration official and law professor Michael Barr has been announced as the nominee for central bank vice president for supervision by U.S. President Joe Biden.
The former Treasury Department assistant secretary taught courses in financial regulation at the University of Michigan, while serving as deputy assistant secretary during the Obama administration. He served on the advisory board of Ripple Labs from 2015 to 2017.
White House officials say he was the “prime architect” of the Dodd-Frank Act, legislation that continues to play a part in determining financial policy in the United States (it changed the way presidents of individual banks are elected and increased supervisory powers over the financial sector).
In his own words, Vice President Biden said that Barr understands the importance of the position and its role in boosting the economy of this country.
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