Federal Reserve Vice Chair for Supervision Michael Barr, the government’s top banking regulator, announced today that he will step down from his leadership role by the end of February, though he plans to continue serving as a member of the Fed’s Board of Governors. Barr’s decision came as President-elect Donald Trump was mulling over firing or demoting him, a move that could have led to a significant legal fight.
In response, Revolving Door Project Executive Director Jeff Hauser released the following statement:
“Michael Barr could have forced the Trump administration to jump over legal hurdles to slow, and potentially thwart, the Wall Street-approved plan to prematurely oust him as the Federal Reserve’s Vice Chair for Supervision. Instead, Barr is resigning without a fight, accelerating the timeline on which Trump can give big banks free rein to rip off working families. Barr’s decision exemplifies anticipatory acquiescence—something that other public officials must avoid if they do not wish to expedite Trump’s looting of America.”
