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.
<h2 class="typography__StyledTypography-owin6q-0 fPbJUO">Crypto Advisor To Fed Post</h2>
Michael Barr, a former Treasury official during the Obama administration, was <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/07/13/statement-from-president-biden-after-senate-confirmation-of-michael-barr-to-the-federal-reserve/" target="_blank" rel="nofollow noopener">approved</a> 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 <a href="https://www.cryptoknowmics.com/news/fed-panel-members-said-the-scope-of-cbdcs-is-currently-quite-limited/" target="_blank" rel="noopener">Fed</a> 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.

https://twitter.com/SenatePress/status/1547307259558240256
<h2>Supportive Of CBDC Issuance</h2>
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 in regulating the nation's financial institutions to "ensure Americans are treated fairly" and to protect the stability of the country's economy, Biden said in a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/04/15/statement-from-president-biden-on-his-intent-to-nominate-michael-barr-to-serve-as-vice-chair-for-supervision-of-the-federal-reserve/" target="_blank" rel="nofollow noopener">statement</a> when he announced his intent to nominate Barr.

During his tenure, the Fed is expected to decide whether to issue a digital dollar. Barr's academic work further suggests that a central bank digital currency (CBDC) could boost the government’s efforts for financial inclusion.

Senate Appoints Ex-Ripple Advisor Michael Barr To Federal Reserve Post

The U.S. Senate has confirmed the nomination Michael Barr, a former advisor Ripple to become the next vice chairman for supervision at the Federal Reserve.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Senate Appoints Ex-Ripple Advisor Michael Barr To Federal Reserve Post

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