7 months ago
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The BBC is reporting that the top banking regulator at the US central bank says he will step down from his role early, citing the “risk of a dispute” as Washington prepares for a new administration.
Michael Barr, who had called for stricter oversight after a series of bank failures in 2023, has been a target of Republicans but had previously rejected suggestions he resign before his term ends in 2026.
Barr said he would remain on the board of the Federal Reserve, but in a reduced role.
It clears the way for President-elect Donald Trump to appoint someone new, albeit from the Fed’s existing board, to the supervisory position, which was created to improve bank oversight after the financial crisis.
Barr said in his announcement, which did not name Trump, that the risk of a dispute over the position could be a distraction from the mission.
English (US) ·