Philip Jefferson, who has been serving as a Fed governor since 2022, will take on the No. 2 role under chair Jerome Powell at the central bank until 2036.
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Vice President Harris gathered the heads of several AI development firms to discuss potential risks posed by the budding technology.
“What happened over the last several days was a bit of an ironic black swan situation where the contagion was not from crypto to TradFi," said Caroline Hill.
Michael Barr suggested financial institutions engage with U.S. regulators to ensure “safe, sound, and legally permissible” activities around use cases of innovative technologies.
The House members asked for clarification on whether the Fed may be considering an “intermediated model” for a digital dollar that could require authorization from Congress.
Barr, a former Ripple Labs adviser, has taken a rather less favorable view of crypto than he apparently had in the private sector, as he gives his first speech as a Fed official.
Fed nominee Michael Barr said that the government agency potentially releasing a central bank digital currency was an issue that required “a lot more thought and study."
The vice chair for supervision seat at the Federal Reserve has been vacant since governor Randal Quarles’ term ended in October 2021.
“We are witnessing a drive to make financial risk a tawdry political issue," said Sarah Bloom Raskin.
According to the U.S. President, the three nominees have the “experience, judgment and integrity to lead the Federal Reserve and to help build our economy back better for working families.”