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.