Federal Reserve Board – Federal Reserve Board announces Michael S. Barr will step down from his position as Federal Reserve Board Vice Chair for Supervision, effective February 28, 2025, and will continue to serve as governor

The Federal Reserve Board announced on Monday that Michael S. Barr will step down from his position as Federal Reserve Board Vice Chair for Supervision, effective February 28, 2025, or such earlier time as a successor is confirmed. Barr will continue to serve as a member of the Federal Reserve Board of Governors.

Barr, who has served as vice chair for supervision since July 19, 2022, submitted his letter of resignation to President Joseph R. Biden.

“It has been an honor and a privilege to serve as the Federal Reserve Board’s vice chair for supervision, and to work with colleagues to help maintain the stability and strength of the U.S. financial system so that it can meet the needs of American families and businesses,” Vice Chair for Supervision Barr said. “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. The risk of a dispute over the position could be a distraction from our mission. In the current environment, I’ve determined that I would be more effective in serving the American people from my role as governor.”

The Board does not intend to take up any major rulemakings until a vice chair for supervision successor is confirmed.

As vice chair for supervision, Barr oversaw the supervision and regulation of financial firms in the Board’s jurisdiction and collaborated with other bank regulators to ensure the banking system remained a source of strength, despite stresses in early 2023.

Prior to his appointment, Barr held multiple positions at the University of Michigan through several decades, including serving as the Dean of the Gerald R. Ford School of Public Policy, and as a professor of law, where he taught financial regulation and international finance. He served in the U.S. Department of the Treasury several times in senior policy roles and earlier clerked for Justice David H. Souter on the U.S. Supreme Court. He graduated from Yale University, Oxford University, and Yale Law School.

A copy of his letter resigning from the position of vice chair for supervision is attached.

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