Michael Barr, the newly elected president-elect Donald Trump, announced that he would step down from the strong position in the upcoming week.
Barr wrote a letter of resignation to President Joe Biden on Monday, saying he may move down unless his replacement was chosen before that date. According to Barr, the departure was tendered in order to prevent a potential conflict with Trump over his position.
Barr said it has been an “honor and a luxury” to serve as the Fed’s major bank regulation. While he is resigning, Barr intends to stay with the main banks as a member of the Fed’s Board of Governors.
” The place of vice chair for supervision was created after the Global Financial Crisis to generate greater accountability, clarity, and transparency for the Federal Reserve’s guidance and oversight of the economic system”, Barr said in the text to Biden. ” Our quest may be slowed down by the possibility of a place dispute.” I’ve determined that my present position as governor would be more effective in providing the American people with.
Barr was one of the architects of the 2010 Dodd-Frank Act, which fundamentally altered the economic regulatory system. He has a strong background in monetary policy.
Prior to the creation of the Consumer Financial Protection Bureau, the company that was established to oversee credit accounts, mortgages, and various financial products that have since become a major destination for Republicans, Barr was an assistant director of Treasury for financial institutions under former President Barack Obama.
Senate Banking Committee ranking member Tim Scott (R-SC ) criticized Barr’s tenure and cited the bank failures that occurred while he was in office in spring 2023.
” Michael Barr has failed to meet the obligations of his place”, Scott said in a statement. ” I am ready to work with President Trump to make sure we have accountable financial officials in place.”
Trump and Trump have previously engaged in some antagonistic behavior.
While in business, Trump criticized Fed plan, blasting the northern bank for raising interest rates very quickly. Although Powell stated at the time and has since reiterated that he doesn’t think Trump has the authority to fire him, it was reported that Trump had personal conversations about firing Fed Chairman Jerome Powell.
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In 2019, Trump famously wrote that his “only issue is, who is our biggest opponent” — Powell or Chinese President Xi Jinping.
Last month, Trump said he doesn’t have intentions to blaze Powell this time around.
