Michael Barr Steps Down as Fed Vice Chair Amid Criticism on Crypto and Banking Oversight
In the latest development, the Fed Announce On Monday, Michael S. Barr will resign as the Federal Reserve’s vice chair for supervision. However, he will remain a member of the board of directors.
Fox Business reporter Eleanor Terett told X that Michael S. Barr, known for his close relationship with Senator Elizabeth Warren, was Seen as a key reason why banks find it difficult to participate in and hold crypto assets.
Notably, Senator Tim Scott criticized Michael Barr for failing to oversee the security of the banking system, pointing to his bank failures in the spring of 2023 and his problematic Basel III Endgame proposal. role played. “I stand ready to work with President Trump to ensure we have responsible financial regulators at the helm,” he noted.
