The post has been vacant since Randal Quarles’ term of office expired in October 2021

Biden nominated former Ripple adviser for Fed vice chair

16.04.2022 - 09:30

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2 min

What’s new? US President Joe Biden has nominated Michael Barr for the vice chair seat at the Federal Reserve System (Fed), according to the White House administration. Barr was on the advisory board of Ripple Labs from 2015 to 2017, served as the Treasury’s assistant secretary, and taught courses on financial regulation at the University of Michigan. The post of Fed’s deputy chair has been vacant since October 2021 after Randal Quarles’ term of office expired. The Senate has not yet confirmed the president’s pick.

White House press release

What else did Biden add? The US president is working with the chair of the Banking Committee, Sherrod Brown, to move quickly Barr’s nomination. He has also called on the Senate to confirm four highly qualified candidates for the Board of Governors, Jerome Powell, Lael Brainard, Philip Jefferson, and Lisa Cook, who are currently awaiting a vote.

What had happened before? Senator Elizabeth Warren called for the Fed to accelerate the development of a digital dollar. In her view, the US’s own cryptocurrency will help banks improve the digital industry of the financial market. Also, the US Securities and Exchange Commission (SEC) proposed new disclosure rules for companies regarding cybersecurity.

What is Ripple Labs? It is a US technology company that developed Ripple, a payment blockchain protocol. The network uses the native token, XRP. The company was founded in 2012 and was originally called OpenCoin.

Author:

Vasiliy Smirnov Vasiliy Smirnov

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