Michael Barr, the Federal Reserve’s vice chair for supervision, plans to step down from that role.
Barr plans to depart from the position on Feb. 28 unless a successor is confirmed earlier, the U.S. central bank said on Jan. 6. He plans to continue to serve as a member of the Fed’s Board of Governors.
“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,” Barr said in a statement. “The risk of a dispute over the position could be a distraction from our mission.”
Barr’s departure further clouds the future of U.S. regulators’ landmark proposal to force the country’s largest lenders to hold significantly more capital to buffer against losses.
Barr has been a key figure in negotiations for the plan, which intends to prevent future bank failures and systemic financial crises.
