U.S. President Joe Biden could appoint former Ripple adviser Michael Barr to head the Office of the Comptroller of the Currency (OCC) within the U.S. Treasury, The Wall Street Journal reports,The Wall Street Journal citing sources familiar with the matter.
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Barr was Treasury Department assistant secretary for financial institutions during Barack Obama's presidency. In 2015 he became a member of Ripple's advisory board. Barr is not currently on it.
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The White House, the Treasury Department, and Barr himself did not comment.
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The OCC regulates and supervises all national banks and thrift institutions, and licenses the federal branches and agencies of foreign banks.
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The person who would lead the OCC would become one of the most influential banking regulators, The Wall Street Journal notes.
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Previously, Brian Brooks held the post. He resigned in mid-January.
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