Jan. 6 (UPI) — Michael Barr, the vice chair for supervision at the Federal Reserve, said he will leave his post in February, giving President Donald Trump a chance to fill one of the top positions on the powerful central bank.
Barr’s term was supposed to extend until 2026, but in his resignation letter to President Joe Biden, he said he would leave the board formally on Feb. 28 after speculation arose that Trump wanted to seek someone more friendly to banks in that position.
Barr has served as vice chair since 2022. While no longer vice chair, Barr said he would stay on as a member of the Fed Board of Governors.
“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 of strength of the U.S. financial system so that it can meet the needs of American families and businesses,” Barr said in a statement.
Barr said that he was concerned that any controversy over the position of vice chair could disrupt the effectiveness of the board.
“The risk of a dispute over the position could be a distraction from our mission,” Barr said. “In the current environment, I’ve determined that I would be more effective in serving the American people from my role as governor.”
