Central Banks
Michael Barr Didn’t Want Legal Battle for Fed Job, Even If He Could Win
- Barr says choice to resign as Fed’s top bank cop was “tough”
- Barr to step down Feb. 28 unless successor confirmed earlier
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Michael Barr says his choice to step down from his role as vice chair for supervision came down to the calculus that even winning a fight with the incoming Trump administration to stay would be a loss for the Federal Reserve.
“This was a very tough decision for me,” Barr told Bloomberg News in an interview, adding that he became concerned staying would be a distraction for the institution.