Ouagadougou: The vice chairman of the American Federal Reserve (Fed), responsible for banking supervision, Michael Barr, announced his resignation on Monday, thus avoiding a confrontation with the future occupant of the White House, Donald Trump, media sources announced. “The risk of conflict around this function risks distracting us from our mission [of supervising and regulating the financial system],” the official said in a central bank statement.
According to Burkina Information Agency, Barr expressed his decision to step down to prevent any potential conflicts that might arise from his position, which could detract from the central bank’s primary mission of overseeing and regulating the financial system. He emphasized that in the current political environment, his efforts would be more beneficial to the American public if he continued to serve as a governor rather than in his current supervisory capacity.
Michael Barr, whose position was established as a response to the 2008 financial crisis, was appointed by outgoing Democratic President Joe Biden. His resignation comes at a crucial time as the transition of the presidential office approaches, highlighting the potential shifts in regulatory approaches that might accompany the change in administration.