The Senate confirmed Michael Barr to serve as oversight chief for the U.S. Federal Reserve on Wednesday, ending a lengthy and dramatic nomination process that stretched over six months.
President Joe Biden nominated Barr — a former advisor to distributed ledger tech startup Ripple — to serve as vice chair of supervision for the Fed in the spring, after Republicans and key swing vote Sen. Joe Manchin (D-WV) opposed his initial nominee. Sarah Bloom Raskin withdrew from the process in March.
Barr served in the Treasury Department during the Obama administration and helped develop the 2010 Dodd-Frank regulatory framework for financial institutions. He is a faculty member at the University of Michigan.
Barr’s confirmation means a former crypto industry adviser will work in a key role in overseeing financial institutions as inflation soars and markets remain volatile.
The Senate voted 66-28 to confirm Barr’s nomination to serve a four-year term as vice chairman for supervision of the Board of Governors of the Federal Reserve System. Forty-five Democrats and 21 Republicans voted to confirm Barr. The 28 Senators who voted against his confirmation were all Republicans. Six Senators did not vote.
The vice chair of supervision role is critical in “regulating our nation’s financial institutions to ensure Americans are treated fairly and to protect the stability of our economy,” Biden said in a statement when he announced his intent to nominate Barr.
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