WFC250103C78000
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Wells Fargo & Co Newsroom
Signals of Trump 2.0 going for deregulation? The Vice Chairman of the Federal Reserve in charge of financial regulation will resign early after Trump takes office.
According to the Federal Reserve's statement, Barr's resignation will take effect no later than February 28, and he will continue to serve as a Federal Reserve Governor until the term ends. The statement implies that he is stepping down as Vice Chairman of Supervision more than a year early to avoid potential legal disputes with the Trump administration. The media reports that Barr's decision does not indicate that Powell will also step down from the position of Federal Reserve Chairman early, but it casts a shadow over the prospects of the USA implementing new banking regulations that increase capital requirements.
To avoid potential conflicts with the Trump administration, the Vice Chairman of the Federal Reserve responsible for bank supervision has resigned.
Michael Barr, the Vice Chairman of the Federal Reserve responsible for bank regulation, will resign from this position on February 28.
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