Michael Barr, Vice Chairman for Supervision at the Federal Reserve, is stepping down to avoid a possible clash with President-elect Trump. Barr will remain on the Fed's Board of Governors.
Vice Chairman for Supervision Michael Barr announced his resignation from the Federal Reserve in the coming weeks, stating he would step down at the end of February unless his successor is named before then. Barr cited a potential conflict with President-elect Trump as the reason for his resignation. While leaving the vice chair position, Barr intends to remain with the Fed as a member of its Board of Governors.
Barr expressed his commitment to the Fed's mission and emphasized the importance of avoiding distractions. Barr, a prominent figure in economic policy, played a key role in designing the Dodd-Frank Act and served as assistant treasury secretary for financial institutions under President Obama. He led regulatory changes following the 2008 financial crisis, including the creation of the Consumer Financial Protection Bureau. Following Barr's announcement, Senate Banking Committee ranking member Tim Scott criticized his tenure and highlighted recent bank failures
FEDERAL RESERVE MICHAEL BARR RESIGNATION FINANCIAL REGULATION TRUMP
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