The report indicates insiders “familiar with the matter” who expect President Biden to nominate former Treasury Department official, Michael Barr, to the top post overseeing national banks.
According to Cointelegraph, the position as Comptroller of the Currency serves as the administrator of the federal banking system, and is the chief officer of the Office of the Comptroller of the Currency (OCC). The WSJ described it as one of the most powerful banking regulators:
“The comptroller oversees hundreds of bank supervisors stationed inside large U.S. financial firms, making the person in the job one of the most powerful bank regulators.”
The official decision is yet to be finalized and the WSJ was unable to verify the story with comments from the White House, the Treasury Department, or Barr himself.
Barr was appointed as a member of the Advisory Board of Ripple Labs in 2015. At the time he was keen to foster innovation in the payments sector, stating;
“Our global payments system is badly outdated. I think innovation in payments can help make the financial system safer, reduce cost, and improve access and efficiency for consumers and businesses alike.”
President Biden’s team also considered law professor at the University of California, Mehrsa Baradaran, for the position.