Federal Reserve announcements or credible financial news outlets

Michael Barr to Step Down as Fed's Vice Chair for Supervision on February 28, 2025, Avoiding Clash with Trump

Jan 6, 2025, 04:02 PM

Michael Barr, the Federal Reserve's vice chair for supervision, has announced his intention to step down from his role effective February 28, 2025. Barr will continue to serve as a governor on the Federal Reserve Board until his term expires in January 2032. His decision to resign from the vice chair position comes amid speculation that advisers to President-elect Donald Trump had considered demoting him. Barr's departure is seen as a move to avoid potential conflict with the incoming administration, which may seek to appoint more bank-friendly regulators. The Federal Reserve has indicated that it will not make major decisions on rules and regulations until a successor is named, as it continues to revise the Basel endgame rules, which have faced industry opposition.