Michael S. Barr has announced his resignation as Federal Reserve Board Vice Chairman for Supervision, effective Feb. 28.
Barr, who served as vice chairman for supervision since July 19, 2022, will continue will to serve as a member of the Federal Reserve Board of Governors. The Federal Reserve stated that it did not intend to take up any major rulemakings until a vice chair for supervision successor is confirmed.
“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,” Barr said in a statement. “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.”
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, and as a professor of law. He also served in the US Department of the Treasury several times in senior policy roles and earlier clerked for Justice David H. Souter on the US Supreme Court.
