- Ripple Labs X- advisor likely to be elected for the post of Comptroller Of Currency
- Michael Barr comments that Trump’s economic reforms have affected the US economy
- Joe Biden is keen on considering Barr for OCC’s post to execute his plans of developing a proper financial economy
As reported by the Wall Street Journal, Michael Barr was nominated for the post of The Comptroller Of Currency by the US president Joe Biden.
WHO IS MICHAEL BARR?
Michael Barr is presently the dean of public policy at the University Of Michigan. He earlier served in the advisory board of Ripple Labs. He also served in the post of the Assistant secretary of financial institutions, during Obama’s administration. He also played a keen role amongst the financial team appointed to suggest and provide practical measures to help the financial crisis that occurred in 2008. Following that, the appointed team had to frame some regulations that helped the US come out of the crisis, under the popular Dodd-Frank act in 2010. As mentioned by the WSJ, Michael Barr has been nominated as the Comptroller Of Currency in the OCC.
MICHAEL BARR’S VIEW ON TRUMP’S ECONOMIC POLICY.
Michael Barr considered the reforms made by Trump in the Dodd-Frank act as grave economical mistakes. He also pointed out other economic policies unfit for the present trend of the State’s economy. These laws eased banks’ rules without a proper check, one of them being the Volcker rule on trading restrictions. He considered these reforms as trash and said that the changes made, need to be reverted and a proper financial policy and reforms are to be made to tackle it.
DISCUSSION ON BARR’S NOMINATION
Michael Barr takes on the post from Brian Brooks who worked for the last eight months as the Comptroller Of Currency in the OCC in Trump’s reign.
Also, Brooks was considered a bit unpopular because of his reform of granting banks access to using blockchain for transactions. This was opposed as it made entry during the COVID-19 pandemic, and the banks and the economy were struggling providing supplies and managing the country.
If appointed, Barr would be the most potent bank regulator and would look after around 1200 banks and a capital of $14 trillion. Appointing Barr would help the president work on his promises of strengthening the Dodd-Frank act and the provision of banking service in remote sections of the country.
There were also comments on other personalities being nominated for the post in the OCC by Joe Biden. It seems that Biden would also think of considering Mehrsa Baradaran, a law professor at the University Of California who is popular among progressive groups.
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