US Senate backs nomination of former Ripple adviser as Fed vice chair

The U.S. Senate approved President Joe Biden’s proposed nomination of former Ripple adviser Michael Barr to serve as Vice Chair for Supervision of the Board of Governors of the ФРС.

The #Senate confirmed Michael Barr to be Vice Chair for Supervision of the Board of Governors of @federalreserve, 66-28.
Next: Cloture vote on Owen Herrnstadt to be a Member of the Board of Directors of the @EximBankUS
Then recess until 5:30 with 2 further votes at that time.

— Senate Press Gallery (@SenatePress) July 13, 2022

Sixty-six senators supported the nomination, while 28 lawmakers opposed.

Barr has been confirmed to the new post for the next four years. He will occupy the last, seventh vacant seat on the Federal Reserve Board of Governors. His remit will include the development of regulatory guidelines, as well as the supervision and regulation of certain financial institutions.

The specialist is known for his work on в консультативном совете Ripple and for serving as Assistant Secretary of the Treasury for Financial Institutions under President Barack Obama. He later taught at the University of Michigan.

Barr was the principal architect of post-crisis financial regulatory reform with the passage of the Dodd-Frank Act.

In April 2022, Biden выдвинул former Ripple adviser for Senate confirmation as Fed vice chair.

In May, during congressional hearings, urged the development of a regulatory framework for the regulation of stablecoins.

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