The Wall Street Journal (WSJ), a U.S. economic daily newspaper, announced that Michael S. Barr, former Ripple board member and former U.S. Vice Minister of Treasury, public policy professor at the University of Michigan, U.S. Visual) reported.
The Office of the Comptroller of the Currency (OCC) is an independent banking supervisory body under the Ministry of Finance and is responsible for the regulation and supervision of all banks operating in the United States. Currently, Acting Commissioner Brian Brox has been leading since May last year.
Michael Barr, well known as a member of the Ripple board of directors in the cryptocurrency industry, served as Vice Minister of Finance during the Obama administration from 2009 to 2010, and was responsible for enacting the Dodd-Frank Act. The Dodd-Frank Act is the Financial Reform Act created in July 2010 to solve this problem when the global financial crisis occurred in 2008.
Regarding the association between Michael Bar and Ripple raised by some, spokesman Michael Bar said, “I am not currently a member of the Ripple board.”
Meanwhile, the White House and the US Treasury Department declined to comment on the news that Michael Barr was influential in the Monetary and Financial Services Commission.
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