Fed Board Member Barr to Resign from Oversight Vice Chair Position

According to a statement from the Fed, Vice Chair Michael Barr will step down from his position as Vice Chair for Supervision on February 28 or potentially earlier if President Donald J. Trump appoints a successor. Barr will continue to serve on the Fed's Board of Governors.

The statement from the Fed said, "The Board does not intend to undertake any significant rulemaking until a Vice Chair for Supervision is confirmed."

As Vice Chair for Supervision, Barr oversaw an effort to rewrite financial rules that would increase the amount of easily accessible cash banks are required to hold, potentially reducing their profitability. The revision would have required the largest banks to increase their capital buffers.

Mr. Barr ultimately diluted the proposal after accepting feedback. At an event in September, Mr. Barr remarked, "Life offers you plenty of opportunities to learn and relearn the lesson of humility."