Michael Barr, the former Ripple advisor, has been nominated by US President Joe Biden for the role of vice chair for supervision of the Federal Reserve. He will fill up the vacant position left by Randal Quarles in October 2021. Barr has had a career in consumer protection and played a significant role in shaping the 2010 Dodd-Frank Act following the 2008 financial crisis.
Barr has been a top Treasury Department official during former President Barack Obama’s regime. In an official statement, the US president said Barr as Vice Chair for Supervision of the Federal Reserve is important progress to tackle inflation and for sound oversight as transition to steady and stable growth.
He had joined Ripple Labs as an advisor in 2015. But Barr is no longer listed as an advisor and it’s unclear as to when he left that position. Now, for the first time since 2013, the Fed will have a full board. And this has been much needed as the US fights its worst inflation in 40 years.
As an advisor, Barr will scale daily oversight of both the biggest lenders and smaller financial firms that play a part in the overall economy. He will be in charge of developing regulatory policies for cryptocurrencies and stablecoins. Barr is committed to softening inflation to the Fed’s 2% target and ensuring the financial system is robust and resilient.