Biden Administration to Nominate Former Ripple Legal Advisor as Vice-Chair of Federal Reserve

President Biden has been in the news lately due to his ice cream cravings or his comic sketch from the Saudi National Television. Meanwhile, President Biden is also facing some heat from the crypto community for his crypto-related executive order that is planning to allow state intervention in the decentralized space.

President Biden recently nominated a new interesting nominee for the position of Vice-Chairperson of the Federal Reserve. The position has not been filled since the governor Randal Quarles retired from his tenure in October last year. In a surprising turn of events, President Biden has selected former Ripple legal advisor Michael Barr. Barr has also served as a state administrator under former President Barack Obama, and he is also a law professor at the University of Michigan.

Michael Barr will Supervise the Future Conduct of the Federal Reserve Under Crucial Circumstances

The nomination of Michael Barr is a peculiar development because of the yearlong SEC and Ripple Labs lawsuit that has attracted the attention of the global crypto community. SEC has been trying to set a precedent for crypto-related regulations in the country under the pretext of high-profile lawsuits. However, Michael Barr served as a legal counsel and advisory board at Ripple Labs from 2015 to 2017.

Another important point to think about is that, at present, the Federal Reserve is under severe pressure to handle the upcoming recession period and hyperinflation situation in the United States. The White House has dubbed Barr as the head architect who played an important role in constructing Dodd-Frank Act that has added financial crisis preventive measures for Wall Street.

In his nomination speech, President Biden claimed that Barr holds glaring recommendations on a bipartisan level. He also claimed that he wished to expedite the process of his appointment. Biden Fed VC nomination has already got approval from Ohio Senator of Banking Committee Sherrod Brown.

Senator Brown claimed that the Fed VC holds a key position to ensure that the financial strength does not lapse. He also called upon his Republican counterparts to follow suit and prioritize American citizens and their financial interests.

Before Michael Barr, President Biden nominated Sarah Bloom Raskin. However, Raskin ended up withdrawing her nomination, citing that she was getting relentlessly attacked by special interests. Following her nomination, right-wing Republican politicians and legislators targeted her and proceeded to point out personal bias against her nomination.

Furthermore, the members of the Republican Party boycotted a Senate Banking Committee meeting when Biden’s nomination was introduced in Senate for the first time. For Barr, Senate confirmation is still not submitted. The nomination for Fed chairperson, VC, and two caretaker governors is also under consideration by the Senate.