Biden Announces His Pick for Fed Vice Chair for Supervision

Must Read

Crypto asset manager Babel Finance reaches $2B valuation

Despite recent swings in cryptocurrency values, many institutional investors appear undeterred. The growth of Babel Finance, which...

Taiwanese Crypto Firm XREX Plants a Flag on European Soil

European Union (EU) member state Lithuania has approved a ‘Virtual Asset Service Provider’ license for Taiwanese blockchain fintech project...

Weekly Institutional BTC Outflows Hit $154 Million Last Week

BTC investment products saw a significant jump in outflows last week as institutional investors showed a glimpse...

US President Joe Biden has announced his plans to nominate Michael Barr, former Obama administration official and law professor, as vice chair for supervision. This follows the withdrawal of the former Federal Reserve Board governor, Sarah Bloom Raskin.

The White House announced on Friday that Barr was Biden’s pick to supervise the Federal Reserve as well as set the regulatory agenda for its leadership.

Biden said that,

Barr has strong support from across the political spectrum – and has been confirmed by the Senate on a bipartisan basis.

The President also added that Barr “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.”

According to the US president, he wanted “to move Barr’s nomination forward quickly.” This likely has something to do with the fact that the vice-chair for supervision position has been open since October 2021 when Fed Governor, Randal Quarles’ term ended.

Sherrod Brown, the Ohio Senator who chairs the Senate Banking Committee, has expressed his support for the nomination, citing the need for a “full Fed board.”

Brown went on record say “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.”

In addition to his statement, Brown said “I will support this key nominee, and I strongly urge my Republican colleagues to abandon their old playbook of personal attacks and demagoguery and put Americans and their pocketbooks first.”

Source: https://coinquora.com

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Crypto asset manager Babel Finance reaches $2B valuation

Despite recent swings in cryptocurrency values, many institutional investors appear undeterred. The growth of Babel Finance, which...

Taiwanese Crypto Firm XREX Plants a Flag on European Soil

European Union (EU) member state Lithuania has approved a ‘Virtual Asset Service Provider’ license for Taiwanese blockchain fintech project XREX. The decision enables the...

Weekly Institutional BTC Outflows Hit $154 Million Last Week

BTC investment products saw a significant jump in outflows last week as institutional investors showed a glimpse of panic. According to a...

Almost $1 Trillion Wiped From Crypto Markets Over Last 7 Weeks – Tether Continues To Bleed

Crypto markets have continued to haemorrhage since early April this year, as they are pushed down by most other asset classes during...

Cryptocurrency tax firm CoinTracker announces foray into Indian market

Cryptocurrency portfolio tracking and tax compliance platform CoinTracker on Wednesday announced its foray into the Indian market. The company's move...
- Advertisement -

More Articles Like This