The Senate has approved Biden's nominee, Michael Barr, to regulate the top financial regulator as Vice Chair for Supervision of the Federal Reserve. This is the first time since 2013, when the Senate confirmed a full slate of nominees.
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Biden said in a press release that the board brings the "skill and knowledge needed at this critical time for our economy and families across the country to fight inflation, to ensure ordinary Americans get a fair shake, and to protect the stability of our economy."
Prior to the Federal Reserve, Barr was nominated to lead the Office of Comptroller of the Currency, but faced criticism from progressive activists over his ties with LendingClub and Ripple, where he has served on the advisory board.
On the new role, Barr will supervise not only giant financial institutions, but also help shape the crypto policy. During his confirmation hearing, Barr noted that cryptocurrencies "have some potential for upside in terms of economic benefit and then also some significant risks."
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