Federal Reserve Vice Chairman for Supervision Michael Barr announced today he will step down from his position on Feb. 28 or at an earlier date if a successor is confirmed. He will continue to serve as a member of the Fed board, with his term ending in 2032.
Barr has served as vice chair for supervision since 2022. In his current role, Barr has led the interagency effort to draft and adopt the Basel III endgame capital requirements. He outlined a series of sweeping changes to the proposal in September after the original draft was heavily criticized by a wide range of interests, from banks to housing advocates. Regulators are still deliberating on the revised proposal.
The Fed does not plan to take up any major rulemakings until a vice chair for supervision successor is confirmed.
