Market
Major U.S. banks' stocks rise post-Barr resignation by Q1 2025?
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Stock market data for major U.S. banks such as JPMorgan Chase, Bank of America, etc.
Story
Fed's Top Banking Regulator Michael Barr to Step Down, Avoiding Clash with Trump
Jan 6, 2025, 05:37 PM
Michael Barr, the Federal Reserve's Vice Chair for Supervision, announced on Monday that he will step down from his role effective February 28, 2025, or earlier if a successor is confirmed sooner. He will remain on the Federal Reserve Board as a Governor, with his term expiring in January 2032. Barr sought legal advice amid speculation that President-elect Donald Trump might remove him, and his resignation preemptively avoids a potential legal battle over his position. His departure allows Trump to appoint a successor who may pursue a lighter regulatory approach toward banking supervision, potentially more favorable toward cryptocurrency and fintech industries. Barr was considered a regulatory hardliner and a key figure in restricting banks from engaging with cryptocurrency. The move also raises questions about future regulatory policies, including those related to stablecoin regulation and capital requirements for large banks. Shares of major U.S. banks rose on the news of his resignation.
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