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In the coming weeks, President Biden will nominate a former Ripple adviser to be the Fed's Vice-Chair for Supervision.
This job hasn't been filled since Governor Randal Quarles left in October of last year.
Vice-Chair for Supervision of the Federal Reserve: Joe Biden wants to nominate Michael Barr, who worked for Ripple from 2015 to 2017, to be Vice-Chair for Supervision of the Federal Reserve. A statement from the White House said this yesterday. Since Governor Randal Quarles' term ended in October 2021, the job has been empty.
Barr worked for Ripple before he worked for the Treasury Department in the Obama administration. He helped write the Dodd-Frank Act. He also taught classes on financial regulation at the University of Michigan, and he did that as well. The National Economic Council was another place where Barr worked while he was in the White House.
There have been more than 8 million jobs created by the Biden administration so far, the White House says So many families now have some kind of income that isn't too much to live on. However, many families are having a hard time because prices keep going up.
The White House said that the Federal Reserve plays a huge role in fighting inflation, which is why it is important to fill the Vice-Chair for Supervision job. However, the Fed Board is not yet full. Barr is a good choice because he has the right skills and experience. The White House added him because he fits the bill.
A role for both parties
Biden further lauded Barr, saying,
“Barr has strong support from across the political spectrum — and has been confirmed by the Senate on a bipartisan basis. He understands that this job is not a partisan one, but one that plays a critical role in regulating our nation’s financial institutions to ensure Americans are treated fairly and to protect the stability of our economy.”
Ohio Senator Sherrod Brown is among those supporting Barr’s nomination.
“Now more than ever, we need a full Fed Board – including a Vice-Chair of Supervision. The Vice-Chair of Supervision plays a critical role in protecting our financial system and must prioritize strong financial regulation, and identify and stay ahead of risks to our economy.”
To this, he continued, the role is critical because it ensures that the economy works for everyone, especially in light of the rising costs everywhere. According to Sherrod, Barr recognizes the significance of this role at this vital point in our economic recovery.
Sherrod said he would support Barr and asked his Republican colleagues to ditch their old playbook of personal attacks and demagoguery and put the interests of the American people and their wallets ahead of their own.
Sherrod describes the Vice-Chair for Federal Reserve Supervision as a "bipartisan" position. However, former Federal Reserve Board Governor Sarah Bloom Raskin, Biden's first choice for the role, just withdrew her name from consideration.
In a statement at the time, Raskin blamed attacks on her nomination by special groups and Republican legislators for her decision to withdraw.
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