President Biden has nominated Ripple's former advisor Michael Barr as the next Vice Chair for supervision of the Federal Reserve. The White House said in an announcement that Barr has spent his career "protecting consumers," and during his time at Treasury, played a "critical role" in creating the Consumer Financial Protection Bureau.
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"I will work with Senate Banking Committee Chair Sherrod Brown to move Barr’s nomination forward quickly, and urge the Senate to swiftly confirm the four eminently qualified nominees for the Board of Governors—Jerome Powell, Lael Brainard, Philip Jefferson, and Lisa Cook—currently awaiting a vote," President Biden wrote in the statement.
Barr worked at Ripple as an advisor back in 2015 after having worked in the US Department of Treasury. He worked as an outside adviser to Ripple Labs until 2017. After Ripple, he held an advisory role at LendingClub, a peer-to-peer lending company.
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