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Barr To Step Down As Fed Vice Chair For Supervision
Posted
January 6, 2025
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January 6, 2025
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3:24Now PlayingFederal Reserve Vice Chair for Supervision Michael Barr plans to step down from the role, bypassing a potential battle with President-elect Donald Trump over his position and raising questions about the future of a landmark bank-capital proposal.
Barr is preparing to depart from the position on Feb. 28 unless a successor is confirmed earlier, the US central bank said on Monday. He plans to continue to serve as a member of the Fed’s board of governors.
“The position of vice chair for supervision was created after the Global Financial Crisis to create greater responsibility, transparency and accountability for the Federal Reserve’s supervision and regulation of the financial system,” Barr said in a statement. “The risk of a dispute over the position could be a distraction from our mission.”
Bloomberg's Michael McKee discusses the news with Alix Steel and Paul Sweeney on Bloomberg Radio.
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