Michael Barr, Vice Chair for Supervision at the Federal Reserve, is stepping down to avoid a potential clash with the incoming Trump administration. His proposed financial regulations faced strong opposition from financial institutions and Republicans in Congress.
Michael Barr , Vice Chairman For Supervision of the Board of Governors of the Federal Reserve System, announced his resignation as vice chair for supervision on February 28th, or earlier if a successor is confirmed. Barr will remain on the Fed's board of governors, with his term lasting until 2032. His departure comes amidst controversy surrounding his proposed financial regulations , which faced fierce opposition from financial firms and Republicans in the Senate. Sen.
Tim Scott, poised to chair the Senate Banking Committee, criticized Barr's regulations, calling them 'disastrous' and stating they would limit lending and weaken the economy. Barr's decision limits the incoming Trump administration's options to replace him directly as vice chair.
Federal Reserve Michael Barr Financial Regulations Trump Administration Senate Banking Committee
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Morgan Wallen Accepts Top Male Artist, Top Country Artist, Top Country Male Artist & Top CollaborationMorgan Wallen accepts Top Male Artist, Top Country Artist, Top Country Male Artist and Top Collaboration at the 2024 Billboard Music Awards.
Read more »
Fed's Top Banking Regulator to Step DownFederal Reserve Vice Chair for Supervision, Randal Quarles, will resign in February, allowing President-elect Donald Trump to nominate a replacement. Quarles' departure is seen as a way to avoid a potential conflict between him and the incoming administration, which is rumored to favor a more pro-bank stance. The Fed will halt major rulemaking decisions until a successor is appointed.
Read more »
Top Fed Regulator to Resign, Avoiding Potential Confrontation With Trump TeamThe Federal Reserve's top financial regulator announced his resignation, opting to step down before a potential clash with the incoming Trump administration and Republican senators. The official stated his intention to leave his position as vice chair of supervision by February 28th, or sooner if a successor was confirmed. However, he clarified that he would remain on the Fed's board of governors.
Read more »
Top Fed Banking Regulator to Step DownMichael Barr, the Federal Reserve's top banking regulator, will resign from his position as vice chair for supervision on February 28th. He will remain as a governor on the Fed board. Barr's departure paves the way for President-elect Donald Trump to appoint a replacement. Barr stated that the potential for a dispute over the position could be a distraction from the Federal Reserve's mission.
Read more »
Top Fed Regulator Michael Barr to Resign Amidst Political TensionsFederal Reserve Vice Chair for Supervision Michael Barr is resigning to avoid potential clashes with the incoming Trump administration and Republican senators opposed to his financial regulations.
Read more »
Financial Markets Await Fed DecisionInvestors remain cautious as they anticipate the Federal Reserve's monetary policy announcement. Key economic data releases and currency movements are also highlighted.
Read more »