US Senate approves President Joe Biden’s nomination of former Ripple adviser Michael Barr as vice president fed focuses on the regulation of the banking sector.

The appointment was supported by 66 senators, while 28 legislators opposed it.

Barr was confirmed in the new position for the next four years. He will take on the last, seventh vacant chair of the Fed’s Board of Governors. Its duties will include the development of regulatory guidance as well as the oversight and regulation of certain financial institutions.

The expert is known for his work on Ripple’s advisory board, as well as the assistant secretary of the treasury for financial institutions under President Barack Obama. He later taught at the University of Michigan.

With the passage of the Dodd-Frank Act, Barr acted as the main architect of post-crisis financial regulation reform.

Recall that Biden nominated the former Ripple adviser for Senate confirmation as Fed Vice Chairman in April 2022.

In May, Barr called for the development of a regulatory framework to regulate stablecoins at a congressional hearing.

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