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coinpedia 2025-01-06 17:54:18

Michael Barr Steps Down as Fed Vice Chair Amid Criticism on Crypto and Banking Oversight

The post Michael Barr Steps Down as Fed Vice Chair Amid Criticism on Crypto and Banking Oversight appeared first on Coinpedia Fintech News In a latest development, the Federal Reserve Board announced on Monday that Michael S. Barr will step down as Vice Chair for Supervision of the Federal Reserve Board. However, he will remain a member of the Board of Governors. The Fox Business Journalist, Eleanor Terett took to X and shared that Michael S. Barr was known for his close ties to Senator Elizabeth Warren and was seen as a key reason why banks have struggled to engage with and hold crypto assets. NEW: The @federalreserve Board has announced the resignation of Michael Barr as the vice chair for supervision. Barr will remain on the board of governors. A Warren acolyte, Barr was widely considered to be a big part of the reason why banks have been unable to engage with… — Eleanor Terrett (@EleanorTerrett) January 6, 2025 Notably, Senator TimScott criticized Michael Barr for failing to oversee the safety of the banking system, citing his role in the Spring 2023 bank failures and the problematic Basel III Endgame proposal. “I stand ready to work with President Trump to ensure we have responsible financial regulators at the helm,” he noted. . @SenatorTimScott released the following statement on Michael Barr’s announcement he will step down as the Federal Reserve Board Vice Chair for Supervision: pic.twitter.com/aSaFGl4V4n — U.S. Senate Banking Committee GOP (@BankingGOP) January 6, 2025