US Senate backs appointment of former Ripple adviser as Fed vice chairman

Michael Barr’s candidacy was supported by 66 senators out of 84

14.07.2022 - 12:45

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What’s new? Michael Barr, a former adviser to Ripple Labs, will take over as vice chairman of the US Federal Reserve System (Fed). He was previously nominated by President Joe Biden and supported by a majority in the Senate. 66 senators supported his appointment and 28 opposed it.

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

What responsibilities await the official? Once in office, Michael Barr will take on the regulation of the banking sector, including developing recommendations and overseeing the regulation of a number of financial companies. The vice chairman of the Fed is elected every four years.

Barr served on the advisory board at Ripple Labs from 2015 to 2017, served as Assistant Secretary of the Treasury, and taught courses on financial regulation at the University of Michigan.

What is Ripple Labs? It is an American technology company founded in 2012. It developed Ripple, a payment blockchain protocol used by government financial institutions in Australia, Canada, and Israel, as well as XRP Ledger, a decentralized public blockchain with an open source.

Earlier, the US Office of Government Ethics (OGE) banned civil servants investing in cryptocurrencies from working on regulating this industry. In question are instances when the policy implemented by officials could affect the value of their digital assets.

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