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Michael Barr is stepping down as Wall Street’s top regulator but will remain as governor at the Federal Reserve, the U.S. central bank announced Monday.
Barr will leave his role as vice president for oversight at the end of February, ending a four-year term that began in July 2022. He will remain governor until that term expires in January 2032, meaning there will be no new vacancy on the seven-member board.
In a statement, Barr said he was stepping down over concerns that “the risk of a dispute over the position could be a distraction.” FedThe goal is to protect the American financial system.
“In the current environment, I have decided that I would be more effective in serving the American people in my role as governor,” he said.
His decision comes amid intense legal pressure from US banking lobby groups over how the Fed oversees the industry. They filed a lawsuit in December against the central bank over its framework for stress tests, which aim to identify vulnerabilities in certain organizations in times of economic or financial distress.
This is a developing story
