President Joe Biden is expected to elect former Treasury official Michael Barr as the currency’s regulator, a key regulator overseeing national banks, according to people familiar with the matter.
If confirmed, Barr, who is particularly knowledgeable in financial technology, will take over the currency controller’s office as traditional banks face both competitive and business opportunities from emerging online lenders and financial programs. He sat on the board of advisers of the Ripple Labs cryptocurrency payment company.
Barr also played a key role in drafting financial precautions following the collapse of Wall Street in 2008. He was critical of the return of financial rules under the Trump administration and called for consumer protection.