Michael Barr, vice chairman of the U.S. Federal Reserve's Financial Supervisory Service, who has led strong financial regulatory policies, has announced his intention to resign as vice chairman ahead of Trump's inauguration.
The Fed said Barr will resign from his position as vice chairman of financial supervision on the 28th of next month, and his position as a Fed director will remain the same until 2032.
"The controversy surrounding the position of vice chairman of financial supervision could hinder the Fed's mission," Vice Chairman Barr said. "We decided that it would be more effective to serve as a Fed director."
Earlier, since July 2022, Vice Chairman Barr has been serving as Vice Chairman of Financial Supervisory Services and has been considered to have pushed for strong financial regulatory policies in the direction of strengthening capital regulations by large U.S. banks.
As Trump is critical of Barr's high-intensity capital regulation, Wall Street has also predicted that Trump will shake the Fed's independence by depriving Barr of banking supervision.
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