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American Focus > Blog > Economy > Michael Barr to step down as the Fed’s head of banking supervision to avoid clash with Trump
Economy

Michael Barr to step down as the Fed’s head of banking supervision to avoid clash with Trump

Last updated: January 8, 2025 11:24 pm
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Michael Barr to step down as the Fed’s head of banking supervision to avoid clash with Trump
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The Federal Reserve’s top banking regulator, Michael Barr, will be stepping down next month, creating an opportunity for President-elect Donald Trump to appoint a replacement and avoid a potential clash between the two. Barr’s resignation from his position as vice chair for supervision will take effect on Feb. 28, although he will continue to serve as a governor on the Fed board until 2026.

Speculation had been circulating that Trump may choose to replace Barr after taking office on Jan. 20, but the announcement of Barr’s resignation helps to smooth the transition. There were rumors that the new president preferred a more bank-friendly individual for the role. Barr, in his statement, did not directly address the speculation but mentioned that the risk of a dispute over the position could be a distraction from the Fed’s mission.

Following the announcement, bank stocks experienced a rally, with the SPDR S&P Bank exchange-traded fund gaining over 1%. The Fed stated that major decisions on rules and regulations will be put on hold until Barr’s successor is named. The bank has been working on revising a new set of rules known as the Basel Endgame, which has faced criticism from the industry.

The position of vice chair for supervision was established in response to the 2008 financial crisis, during which multiple Wall Street institutions collapsed. Under Barr’s leadership, the industry faced another crisis in 2023, resulting in the collapse of Silicon Valley Bank and other institutions. The Fed had to intervene by implementing a liquidity facility to prevent the issues from spreading.

Speculation had been mounting that Trump might try to remove Barr from his position. A Reuters report in late December revealed that Barr had sought legal advice from a law firm in anticipation of potential action from the president-elect.

See also  When Should the Government Intervene?

As the Fed is limited to seven board members, Trump will need to choose a replacement for Barr from the existing group. The transition to a new banking regulator will be closely watched by the financial industry and policymakers alike.

TAGGED:AvoidbankingBarrclashfedsMichaelStepsupervisionTrump
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