President Joe Biden to Nominate Former Ripple Adviser to Federal Reserve

President Joe Biden announced on Friday his intent to nominate former Ripple adviser, Michael Barr for vice chair of supervision at the Federal Reserve to fill a vacancy since governor Randal Quarles’ term ended in October 2021. 

“Michael brings the expertise and experience necessary for this important position at a critical time for our economy and families across the country,” President Biden said in the announcement. 

President Biden expects the person serving this role to take a bipartisan approach in an effort to regulate the nation’s financial institutions and ensure Americans are being treated fairly and that their economy remains stable. 

President Biden believes Barr is perfect for this role given his experience as the Obama administration's U.S. Department of the Treasury’s assistant secretary for financial institutions along with his other roles in the private sector, including his advisory role at Ripple Labs from 2015 to 2017. 

“Barr has strong support from across the political spectrum — and has been confirmed by the Senate on a bipartisan basis,” said President Biden. Therefore, President Biden plans to work with Senate Banking Committee Chair Sherrod Brown to move Barr’s nomination forward quickly. 

Michael S. Barr is currently the Joan and Sanford Weill Dean of the Gerald R. Ford School of Public Policy, the Frank Murphy Collegiate Professor of Public Policy, the Roy F. and Jean Humphrey Proffitt Professor of Law at the University of Michigan Law School, and the founder and faculty director of the University of Michigan’s Center on Finance, Law & Policy, making his role in academia important and expansive.  

The chair of the Senate Banking Committee, Ohio Senator Sherrod Brown said he would support the president’s nomination. 

“The vice chair of supervision plays a critical role in protecting our financial system and must prioritize strong financial regulation, and identify and stay ahead of risks to our economy,” said Brown. “I will support this key nominee, and I strongly urge my Republican colleagues to abandon their old playbook of personal attacks and demagoguery and put Americans and their pocketbooks first.”

Author: Tyler Irvin

Related Articles