The U.S. Senate Committee on Banking, Housing and Urban Affairs released a minority press statement from Senator Tim Scott responding to Michael Barr’s announcement that he will step down as the Federal Reserve Board Vice Chair for Supervision. Scott argued that the vice chair role is legally mandated to oversee banking system safety and soundness, and said Barr did not meet the responsibilities of the position. He pointed to what he described as supervisory failures during the Spring 2023 bank failures and characterized the Basel III Endgame proposal as “disastrous,” adding that he is prepared to work with President Trump on ensuring “responsible financial regulators” lead key agencies.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-01-06
U.S. Senate Committee on Banking, Housing and Urban Affairs publishes Tim Scott statement on Michael Barr stepping down as Federal Reserve Vice Chair for Supervision
Senator Tim Scott issued a statement criticizing Michael Barr's tenure as Federal Reserve Board Vice Chair for Supervision, citing supervisory failures during the Spring 2023 bank failures and labeling the Basel III Endgame proposal as "disastrous." Scott emphasized the legal mandate of the vice chair role to oversee banking system safety and expressed readiness to collaborate with President Trump on appointing "responsible financial regulators."