The United States Senate has confirmed the nomination of Michael Barr, a former advisor to distributed ledger company Ripple to become the next vice chairman for supervision at the Federal Reserve. Crypto Advisor To Fed Post Michael Barr, a former Treasury official during the Obama administration, was approved by a vote of 66-28. His term as Fed vice chair for supervision will last four years. Barr, currently a faculty member at the University of Michigan, will also arrive at the Fed with a significant crypto background, having served on the advisory board at Ripple Labs. His confirmation to the Federal Reserve means a former crypto industry advisor will work in a key role in overseeing financial institutions amid rising inflation and slumping markets. During a Senate hearing, Barr pledged to support the Fed’s efforts to reduce inflation and said he would promote “clear rules” to govern financial innovation. 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 Supportive Of CBDC Issuance As a Treasury official, Barr designed the 2010 Dodd-Frank financial regulations after the devastating 2008 financial crisis. The vice chair of supervision role is critical...
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