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

share-iconTuesday, January 07 comment-icon2 weeks ago 10 views
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bbcBBC
US banking regulator Michael Barr resigns ahead of Trump's administration

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.

For more details, read the original article here.

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