Michael Barr, the Federal Reserve's vice chair for supervision, announced his resignation next month, averting a potential clash with the incoming Trump administration. Barr, who spearheaded stricter financial regulations for major banks, will remain on the Fed's board of governors until 2032. His departure allows President-elect Trump to appoint a new regulatory leader, while limiting the administration's immediate control over the Fed.
The Federal Reserve 's top financial regulator said Monday that he would resign next month, avoiding a potential confrontation with the incoming Trump administration and Republicans in the Senate. Fed governor Michael Barr said in a letter to President Biden that he would step down as vice chair for supervision Feb. 28, or earlier if a successor was confirmed. Yet Barr said he would remain on the Fed's board of governors. His term as governor lasts until 2032.
All seven seats on the Fed's board of governors are filled, and an opening won't occur until Adriana Kugler's term ends Jan. 31, 2026. As a result, for now President-elect Trump can only appoint another current governor to the top regulatory position, or wait until next year to fill the vacancy on the board with a new regulator. Governor Michelle Bowman, a Republican appointee, has publicly supported less stringent financial regulations and is a potential replacement.
Federal Reserve Trump Administration Michael Barr Financial Regulation Senate Banking Committee
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