Barr’s Resignation as Fed’s Vice Chair for Supervision Is ‘Ice Water’ to Financial Industry Oversight
WASHINGTON, D.C. – Federal Reserve Governor Michael Barr announced today that he would step down as vice chair for supervision by the end of February or as soon as President-elect Trump appoints a successor. Barr said he based his decision to resign on wanting to avoid a “distraction.” Bartlett Naylor, financial policy advocate for Public Citizen, issued the following statement:
“Wall Street’s attack on honorable public servants attempting to protect hardworking Americans and our economy from reckless banking sends ice water into the veins of financial industry oversight. Barr led the effort to establish better capital safety standards against the vigorous opposition of Wall Street banks. He worked tirelessly to accommodate bankers’ concerns with recently proposed rules, yet Wall Street’s allies in Congress approved legislation in committee to strip him of this title. While his decision may end what he calls a distraction, megabanks remain focused on debasing the tissue-thin gap that banks operate above insolvency.”