US banking regulator Michael Barr resigns ahead of Trump's administration

Politics

1 year ago

News sources:

Credited from: BBC

Michael Barr, the top banking regulator at the US central bank, announced his early resignation citing a potential "risk of a dispute" as a new administration approaches.
Previously an advocate for stricter bank oversight after 2023's bank failures, Barr faced criticism from Republicans but had earlier stated intentions to complete his term until 2026.
His resignation facilitates President-elect Donald Trump's opportunity to appoint a new supervisory position from the existing Federal Reserve board.
Barr expressed that his departure could prevent distractions and allow him to better serve as a Federal Reserve board governor.
His resignation will take effect February 28 or upon confirmation of a successor, with major US bank shares rising following the announcement.

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