Michael Barr, Vice Chairman of Supervision of the U.S. Federal Reserve, speaks during a hearing of the Senate Committee on Banking, Housing and Urban Affairs in Washington, DC, U.S., Tuesday, March 28, 2023 .
Samuel Corum | Bloomberg | Getty Images
The Federal Reserve’s top banking regulator will resign next month, paving the way for President-elect Donald Trump to name a replacement.
There had been speculation that Trump could replace Barr after he takes office on January 20. This announcement will ease that transition, amid speculation that the new president wants someone more bank-friendly to take on the role.
Barr resigned as vice chairman for supervision on February 28, although he remains a governor on the Fed board.
“It has been an honor and privilege to serve as Vice Chairman of Federal Reserve Oversight and to work with colleagues to help maintain the stability and strength of the U.S. financial system so that it can meet the needs of American families and businesses,” Barr said in a statement.
Although he did not specifically mention rumors that Trump would try to impeach him, he said: “The risk of a dispute over office could distract us from our mission.” In the current environment, I have determined that I will be more effective. serving the American people since my role as governor. »
In a statement announcing the move, the Fed said it would make all major rules and regulation decisions until a successor is named. The bank revised a set of new rules, dubbed the Basel endgame, which have been widely unpopular in the sector.
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