Michael Barr is stepping down as Wall Street’s top regulator but will stay on as a governor at the Federal Reserve, the US central bank announced on Monday.
Barr will vacate his role as vice-chair for supervision at the end of February, cutting short a four-year term that began in July 2022. He will remain as a governor until that term is up in January 2032, meaning there will be no new vacancy on the seven-member board of governors.
Barr said in a statement that he was stepping down over concerns that a “risk of a dispute over the position could be a distraction” to the Fed’s goal to safeguard the US financial system.
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