Federal 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.
Michael Barr, Vice Chairman For Supervision of the Board of Governors of the Federal Reserve System, will resign as vice chair on February 28th, 2024. He will, however, remain on the Fed's board of governors until 2032. Barr cited his desire to avoid a potential confrontation with the incoming Trump administration and Republicans in the Senate as the reason for his resignation.
Barr's proposal for stricter financial regulations faced fierce opposition from major financial firms and Senate Republicans. During the 2024 presidential campaign, there were reports that former president Donald Trump would try to fire or demote Barr. However, Fed Chair Jerome Powell stated that a president lacks the legal authority to do so. Senator Tim Scott, who is poised to chair the Senate Banking Committee, criticized Barr's financial regulations, calling them 'disastrous' and claiming they would limit bank lending and weaken the economy. By stepping down as vice chair but remaining a governor, Barr limits the options for the Trump administration to replace him
FEDERAL RESERVE MICHAEL BARR FINANCIAL REGULATIONS DONALD TRUMP SENATE REPUBLICANS
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