U.S. President Joe Biden proposed the candidacy of former Ripple adviser Michael Barr to serve as vice chair for supervision of the Fed with a focus on regulating the banking sector.
Barr is known as the principal architect of post-crisis financial regulation reform, with the passage of the Dodd-Frank Act. His remit would include monitoring bank mergers and supervising lending to low-income individuals.
Barr previously served as Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury during Barack Obama’s presidency. In 2015 he joined Ripple’s advisory board. He is currently not a member of it, serving as the dean of the University of Michigan’s School of Public Policy.
Some lawmakers voiced concerns about the candidate’s links to Ripple. In an interview with The Wall Street Journal, a White House spokesperson said that Barr is proud of his work at the company. His role involved advising on reducing the cost of remittances for low-income people in developing countries, he added.
“Barr is committed to overseeing all segments of the financial sector. He supports proper regulation of cryptocurrencies and strong consumer protections.”, a source said.
Earlier, on March 9, President Joe Biden signed an executive order coordinating federal agencies in regulating cryptocurrencies. Among its priorities are consumer protection and access to financial services.
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