Federal Reserve Board announces Michael S. Barr will step down from his position as Federal Reserve Board Vice Chair for Supervision, effective February 28, 2025, and will continue to serve as governor
January 06, 2025
Federal Reserve Board announces Michael S.
Barr will step down from his position as Federal Reserve Board Vice
Chair for Supervision, effective February 28, 2025, and will continue
to serve as governor
For release at 11:00 a. m. EST
The
Federal Reserve Board announced on Monday that Michael S. Barr will
step down from his position as Federal Reserve Board Vice Chair for
Supervision, effective February 28, 2025, or such earlier time as a
successor is confirmed. Barr will continue to serve as a member of the
Federal Reserve Board of Governors.
Barr, who has served
as vice chair for supervision since July 19, 2022, submitted his
letter of resignation to President Joseph R. Biden.
"It
has been an honor and a privilege to serve as the Federal Reserve
Board's vice chair for supervision, 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,"
Vice Chair for Supervision Barr said. "The position of vice chair for
supervision was created after the Global Financial Crisis to create
greater responsibility, transparency, and accountability for the
Federal Reserve's supervision and regulation of the financial system.
The risk of a dispute over the position could be a distraction from
our mission. In the current environment, I've determined that I would
be more effective in serving the American people from my role as
governor. "
The Board does not intend to take up any major
rulemakings until a vice chair for supervision successor is confirmed.
As vice chair for supervision, Barr oversaw the supervision
and regulation of financial firms in the Board's jurisdiction and
collaborated with other bank regulators to ensure the banking system
remained a source of strength, despite stresses in early 2023.
Prior to his appointment, Barr held multiple positions at the
University of Michigan through several decades, including serving as
the Dean of the Gerald R. Ford School of Public Policy, and as a
professor of law, where he taught financial regulation and
international finance. He served in the U. S. Department of the
Treasury several times in senior policy roles and earlier clerked for
Justice David H. Souter on the U. S. Supreme Court. He graduated from
Yale University, Oxford University, and Yale Law School.
A
copy of his letter resigning from the position of vice chair for
supervision is attached.
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