Michael Barr is stepping down from his position as Federal Reserve Board Vice Chair for Supervision, the Federal Reserve Board announced on Monday.
Barr will leave that post effective Feb. 28. The Fed Board does not intend to take up any major rulemakings until a vice chair for supervision successor is confirmed.
However, Barr will continue to serve as a member of the Federal Reserve 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 and strength of the U.S. financial system so that it can meet the needs of American families and businesses,” Vice Chair for Supervision 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.”
Barr has served as vice chair for supervision since July 19, 2022. As vice chair for supervision, Barr oversaw the supervision and regulation of financial firms and collaborated with other bank regulators to ensure the banking system remained a source of strength.
Prior to his appointment, Barr held multiple positions at the University of Michigan through several decades, including serving as the Dean of the Gerald R. Ford School of Public Policy. He has also served in the U.S. Department of the Treasury in senior policy roles and clerked for Justice David H. Souter on the U.S. Supreme Court.
Barr graduated from Yale University, Oxford University, and Yale Law School.