Biden to call on former Treasury official Barr as main banking regulator

President Joe Biden is expected to choose former Treasury Department official Michael Barr as the Comptroller of the Currency, a key regulator who oversees national banks, according to people familiar with the matter.

If confirmed, Barr, who has particular expertise in financial technology, would take over from the Office of the Comptroller of the Currency as traditional banks grapple with both competition and business opportunities from online lenders and financial apps. . He served on the board of advisers for cryptocurrency payment company Ripple Labs.

Barr also played a major role in crafting financial guarantees following the Wall Street collapse in 2008. He criticized the rollback of financial rules under the Trump administration and called for stronger protection. of consumers.