Michael Barr said Monday that the “current environment” was not conducive to achieving his mission.
Surprise departure from the Fed. The vice president of the American Federal Reserve responsible for banking supervision, Michael Barr, announced Monday his resignation from this function created after the 2008 financial crisis, estimating that “the current environment” was not conducive to the accomplishment of its mission. “The risk of conflict around this function risks distracting us from our mission [de supervision et de régulation du système financier]»indicates the official in a press release from the central bank. “In the current environment, I felt that I would be most useful to the American people in my role as [simple] governor”said Mr. Barr, a few days before President Donald Trump takes office on January 20.
Michael Barr, whose position was created after the 2008 financial crisis, was appointed by outgoing Democratic President Joe Biden. His resignation, effective February 28, will allow Donald Trump to choose his successor from among the members of the Fed Monetary Policy Committee (FOMC) deemed closer to his ideas. The choice of the future holder of the position could lead to a decline in the regulation of the financial system, even though the Fed wanted on the contrary to strengthen it to come closer to the Basel III criteria. The appointment of the new vice-president must be confirmed by the Senate with a Republican majority.
Swiss
