Fed Governor Barr to Leave Post as Vice Chair for Supervision
Commentary by Steven Lofchie
Federal Reserve Board Governor Michael S. Barr said he will step down as Vice Chair for Supervision effective February 28, 2025, or such earlier time as a successor is confirmed.
In a letter to President Biden, Mr. Barr stated his intention to resign as Vice Chair, but would continue to serve as Governor of the Federal Reserve Board.
The Fed reported that it does not intend to take up any major rulemakings until a new Vice-Chair for Supervision is confirmed.
Commentary
It was widely reported that President Trump would seek to replace Mr. Barr as the Vice Chair for Supervision. The Vice Chair must be a member of the Federal Reserve Board.