Former Ripple adviser Barr confirmed by Senate for Fed job 

Quick Take

  • The Senate confirmed Michael Barr, a former Ripple adviser, who will serve as a key watchdog role for the U.S. Federal Reserve.
  • President Joe Biden nominated Barr for the role after Sarah Bloom Raskin withdrew her nomination for the post in the spring.

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.