US Senate confirms Michael Barr as Fed vice chair for supervision
The United States Senate has confirmed the nomination of law professor Michael Barr to become the next vice chair for supervision for the Federal Reserve.
In a 66-28 vote on the Senate floor on Wednesday, U.S. lawmakers confirmed Barr as vice chair for supervision of the Federal Reserve System for four years, filling the last seat on the seven-member board of governors. Barr, who was on the advisory board of Ripple Labs from 2015 to 2017, also served as the Treasury Department’s assistant secretary for financial institutions under former President Barack Obama, and taught courses on financial regulation at the University of Michigan.
As vice chair for supervision, Barr will be responsible for developing policy recommendations for the Fed as well as overseeing the supervision and regulation of certain financial institutions, second only to chair Jerome Powell. According to the White House, he was “a key architect” of the 2010 Dodd-Frank Act — legislation that continues to influence financial policy in the United States, and set up the position of vice chair for supervision.
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.
During his confirmation hearing before the Senate Banking Committee in May, Barr said innovative technologies including cryptocurrencies had “some potential for upside in terms of economic benefit” but also “some significant risks.” He called on lawmakers to create a regulatory framework on stablecoins to prevent the risk of runs.
In a statement on his intention to nominate Barr in
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