The Federal Reserve Board announced that Michael S. Barr will step down as Vice Chair for Supervision effective 28 February 2025, or earlier if a successor is confirmed, while continuing to serve as a member of the Board of Governors. The Board also indicated it does not intend to take up any major rulemakings until a new Vice Chair for Supervision is confirmed. Barr has served as Vice Chair for Supervision since 19 July 2022 and submitted his resignation letter to President Joseph R. Biden. In explaining the decision, he pointed to the risk that a dispute over the position could distract from the Federal Reserve’s mission and said he expects to be more effective in his role as a governor. As Vice Chair for Supervision, he oversaw supervision and regulation of firms in the Board’s jurisdiction and worked with other bank regulators through stresses in early 2023. Major rulemakings are expected to remain on hold until the successor is confirmed, with Barr’s departure from the vice chair role set for 28 February 2025 at the latest under the announced timeline.
Federal Reserve Board 2025-01-06
Federal Reserve Board announces Michael S. Barr will step down as Vice Chair for Supervision and will defer major rulemakings until a successor is confirmed
Michael S. Barr will step down as Vice Chair for Supervision of the Federal Reserve Board by 28 February 2025, or earlier if a successor is confirmed, while remaining a Board Governor. The Board will pause major rulemakings until a new Vice Chair is appointed. Barr cited potential distractions from disputes over the position as a reason for his resignation.