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.
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.
