Top Federal Reserve bank regulator, under fire from GOP, to step down next month
FILE - Federal Reserve Board of Governors Vice Chair for Supervision Michael Barr testifies at a House Financial Services Committee hearing on recent bank failures, on Capitol Hill, March 29, 2023, in Washington. (AP Photo/Andrew Harnik, File)
WASHINGTON (AP) — The Federal Reserve's top financial regulator said Monday that he would resign next month, avoiding a potential confrontation with the incoming Trump administration and Republicans in the Senate.
Fed governor Michael Barr said in a letter to President Joe Biden that he would step down as vice chair for supervision Feb. 28, or earlier if a successor was confirmed. Yet Barr said he would remain on the Fed's board of governors. His term as governor lasts until 2032.
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