As we all know, there are several links between politics, traditional banking, and the realm of cryptocurrency. The final example comes from President Biden’s decision. As a result, we heard this weekend that President Biden has allocated the position of Vice President to oversee the Federal Reserve. Ripple, a former crypto advisor, was his pick.
President Biden appoints an ex-Ripple adviser to the Federal Reserve.
Since October 20, 2021, the position has been vacant. Indeed, Governor Randal Quarles’ term as Vice Chairman of the Federal Reserve Board of Governors expires in October 2021. The name of the white house replacement was finally revealed in an official statement last weekend. President Biden has considered hiring Michael Barr, an ex-Ripple advisor.
As a reminder, Ripple is one of the world’s top ten cryptocurrencies. For the previous two years, Ripple has had to deal with SEC conflicts. Between 2015 and 2017, Michael Barr was one of the crypto advisors. But Michael Barr’s portfolio includes more than simply his crypto experience. He has previously worked for the Obama administration, taught at the University of Michigan, and served on the White House Economic Council.
In the present climate of inflation, this is a good appointment.
Barr has strong support from across the political spectrum — and was confirmed by the Senate on a bipartisan basis. He understands that this work is non-partisan, but plays a vital role in regulating our country’s financial institutions to ensure that Americans are treated fairly and to protect the stability of our economy. – President Biden
The White House defended its decision, emphasizing how Michael Barr’s knowledge would be valuable within the FED amid the present inflationary environment. As a reminder, the FED is the body that determines key interest rates and hence plays an important role in stabilizing inflation.
Now more than ever, we need a full Fed board, including a vice president of oversight. The Vice President of Oversight plays a critical role in protecting our financial system and must prioritize strong financial regulation, identify and stay ahead of risks to our economy. – Ohio Senator Sherrod Brown
In any case, Ohio Sen. Sherrod Brown has urged fellow Republicans to set aside their political differences in order to support Michael Barr in a “bipartisan” position. Prior to Michael Barr, President Biden was considering Governor Sarah Bloom Raskin. However, after receiving criticism from certain Republicans, she decided to abandon her campaign.