US Senate approves President Joe Biden’s nomination of former Ripple advisor Michael Barr as Vice President, fed with a focus on the banking industry.
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, and 28 opposed lawmakers, supported the nomination. Barr is confirmed in the new position for the next four years. He will serve as the last and seventh vacant Fed Board of Governor’s chair.
His duties will include the development of regulatory guidance, as well as the supervision and regulation of certain financial institutions.
The specialist is known for his work on Ripple’s advisory board and as Assistant Secretary of the Treasury for Financial Institutions under President Barack Obama. He then taught at the University of Michigan.
Barr was the main architect of post-crisis financial regulatory reform with the passage of the Dodd-Frank Act.
Recall that Biden nominated the former Ripple advisor for Senate confirmation as Vice Chairman of the Fed in April 2022.
In May, Barr, during a congressional hearing, called for developing a regulatory framework to regulate stablecoins.