The Senate easily approved Michael Barr to be the Federal Reserve�s top banking regulator in a bipartisan vote Wednesday.

Barr, a former top Treasury official under President Barack Obama, is the last of President Joe Biden�s three nominees to the Fed�s board of governors to win Senate confirmation. All seven seats on the Fed�s board are now filled, for the first time in roughly a decade, as the central bank tackles the worst inflation in 40 years.

The Senate voted 66-28 to approve Barr to serve as vice chair for supervision, the government�s primary financial regulator.

As a Treasury official, Barr helped design the 2010 Dodd-Frank financial regulations after the devastating 2008 financial crisis. He most recently was the dean of the University of Michigan�s Gerald R. Ford School of Public Policy.

During a Senate hearing, Barr pledged to support the Fed�s efforts to reduce inflation and said he would promote �clear rules� to govern financial innovation.

He also said during the hearing that Congress and financial agencies should regulate stablecoins, a form of cryptocurrency often pegged to the dollar, to protect consumers from sharp drops in their value, which can occur if stablecoins don�t have sufficient assets to back up their dollar pegs.

(AP)