President Joe Biden must choose former Treasury Department employee Michael Barr as the currency controller, an important regulator who oversees national banks, according to people familiar with the matter.
If confirmed, Barr, who specializes in financial technology, would take over the Office of the Currency Controller while traditional banks face competition and the business opportunities of online lenders and financial applications. He served on the advisory board of Ripple Labs, a cryptocurrency payment company.
Barr also played an important role in drafting financial safeguards after the collapse of Wall Street in 2008. He criticized the reversals of financial rules under the Trump administration and called for strengthening consumer protection.