{"id":473740,"date":"2022-07-14T00:25:00","date_gmt":"2022-07-13T21:25:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-senate-confirms-michael-barr-as-fed-vice-chair-for-supervision\/"},"modified":"2022-07-14T00:25:00","modified_gmt":"2022-07-13T21:25:00","slug":"us-senate-confirms-michael-barr-as-fed-vice-chair-for-supervision","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-senate-confirms-michael-barr-as-fed-vice-chair-for-supervision\/","title":{"rendered":"# US Senate confirms Michael Barr as Fed vice chair for supervision"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a666c684e2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a666c684e2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/us-senate-confirms-michael-barr-as-fed-vice-chair-for-supervision\/#%E2%80%9D_US_Senate_confirms_Michael_Barr_as_Fed_vice_chair_for_supervision_%E2%80%9C\" >&#8221; US Senate confirms Michael Barr as Fed vice chair for supervision &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_US_Senate_confirms_Michael_Barr_as_Fed_vice_chair_for_supervision_%E2%80%9C\"><\/span>&#8221; US Senate confirms Michael Barr as Fed vice chair for supervision &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMTU0NDJmYTctN2FiNS00ZTJlLWI2MmUtM2RkMmNjYjg1ZTg0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>The United States Senate has confirmed the nomination of law professor Michael Barr to become the next vice chair for supervision for the Federal Reserve.<\/p>\n<p>In a 66-28 vote on the Senate floor on Wednesday, U.S. lawmakers <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.senate.gov\/legislative\/floor_activity_pail.htm\">confirmed<\/a> Barr as vice chair for supervision of the Federal Reserve System for four years, filling the last seat on the seven-member board of governors. Barr, who was on the advisory board of Ripple Labs from 2015 to 2017, also served as the Treasury Department\u2019s assistant secretary for financial institutions under former President Barack Obama, and taught courses on financial regulation at the University of Michigan. <\/p>\n<p>As vice chair for supervision, Barr will be responsible for developing policy recommendations for the Fed as well as overseeing the supervision and regulation of certain financial institutions, second only to chair Jerome Powell. According to the White House, he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/04\/15\/statement-from-president-biden-on-his-intent-to-nominate-michael-barr-to-serve-as-vice-chair-for-supervision-of-the-federal-reserve\/\">was<\/a> \u201ca key architect\u201d of the 2010 Dodd-Frank Act \u2014 legislation that continues to influence financial policy in the United States, and set up the position of vice chair for supervision.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Senate?src=hash&amp;ref_src=twsrc%5Etfw\">#Senate<\/a> confirmed Michael Barr to be Vice Chair for Supervision of the Board of Governors of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/federalreserve?ref_src=twsrc%5Etfw\">@federalreserve<\/a>, 66-28. <br \/>Next: Cloture vote on Owen Herrnstadt to be a Member of the Board of Directors of the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/EximBankUS?ref_src=twsrc%5Etfw\">@EximBankUS<\/a> <br \/>Then recess until 5:30 with 2 further votes at that time.<\/p>\n<p>\u2014 Senate Press Gallery (@SenatePress) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SenatePress\/status\/1547307259558240256?ref_src=twsrc%5Etfw\">July 13, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nDuring his confirmation hearing before the Senate Banking Committee in May, Barr said innovative technologies including cryptocurrencies had \u201csome potential for upside in terms of economic benefit\u201d but also \u201csome significant risks.\u201d He called on lawmakers to create a regulatory framework on stablecoins to prevent the risk of runs.<\/p>\n<p>In a statement on his intention to nominate Barr in April, President Joe Biden said he wanted to push the candidate through quickly, likely because the position had been vacant since Fed governor Randal Quarles\u2019 term ended in October 2021. The Senate confirmed Lael Brainard for a four-year term as Fed vice chair in April, and Powell as Fed chair in May. Barr is the last major candidate put forth by Biden for the Fed to be confirmed.<\/p>\n<p>\u201cBarr has strong support from across the political spectrum \u2014 and has been confirmed by the Senate on a bipartisan basis,\u201d said Biden in April. \u201cHe understands that this job is not a partisan one, but one that plays a critical role in regulating our nation\u2019s financial institutions to ensure Americans are treated fairly and to protect the stability of our economy.\u201d<\/p>\n<p>Biden\u2019s first nominee for the Fed vice chair of supervision, Sarah Bloom Raskin, withdrew her name from consideration in March citing \u201crelentless attacks by special interests\u201d and referred to Republican lawmakers who \u201cheld hostage\u201d her nomination since February. Wednesday\u2019s Senate vote suggested that more than 15 Republicans joined Democrats in confirming Barr. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>How does the Fed impact crypto?<\/em><\/strong><\/p>\n<p>The Fed, in addition to the Securities and Exchange Commission and the Commodity Futures Trading Commission, oversees many of the regulations covering digital assets and financial institutions in the United States. Upon Barr taking his position, a full seven members will sit on the Fed\u2019s board of governors \u2014 an event which has not h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ened in roughly ten years.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/us-senate-confirms-michael-barr-as-fed-vice-chair-for-supervision\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; US Senate confirms Michael Barr as Fed vice chair for supervision &#8220; The United States Senate has confirmed the nomination of law professor Michael Barr to become the next vice chair for supervision for the Federal Reserve. In a 66-28 vote on the Senate floor on Wednesday, U.S. lawmakers confirmed Barr as vice chair&#8230;<\/p>\n","protected":false},"author":1,"featured_media":473741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMTU0NDJmYTctN2FiNS00ZTJlLWI2MmUtM2RkMmNjYjg1ZTg0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[70550,71511,70934,70289,67874],"class_list":["post-473740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-federal-reserve","tag-government","tag-regulation","tag-senate","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/473740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=473740"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/473740\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/473741"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=473740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=473740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=473740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}