WASHINGTON—Michael Barr will step down from his position as Federal Reserve Board Vice Chair for Supervision, effective February 28, 2025, the Federal Reserve Board announced.
The Fed said Barr may leave sooner if the Trump Administration confirms a successor.
Barr, who has served as vice chair for supervision since July 19, 2022, has submitted his letter of resignation to President Joseph R. Biden, the Fed stated.
"It has been an honor and a privilege to serve as the Federal Reserve Board's vice chair for supervision, and to work with colleagues to help maintain the stability and strength of the U.S. financial system so that it can meet the needs of American families and businesses," Barr said. "The position of vice chair for supervision was created after the Global Financial Crisis to create greater responsibility, transparency, and accountability for the Federal Reserve's supervision and regulation of the financial system. The risk of a dispute over the position could be a distraction from our mission. In the current environment, I've determined that I would be more effective in serving the American people from my role as governor."
The Fed stated it does not intend to take up any major rulemakings until a vice chair for supervision successor is confirmed.