Fed’s Michael Barr, like his boss Jay Powell, won’t leave if Trump tries to fire him

Published On Nov 20, 2024, 2:37 PM

Michael Barr, the Federal Reserve's vice chair for supervision, stated that he intends to complete his term despite potential attempts by President Trump to remove him, similar to comments made by Fed Chair Jerome Powell. Barr's term runs until July 2026, and Powell's until May 2026. The comments reflect ongoing political tensions surrounding the Fed, especially in the wake of Trump's election win and the previous criticisms directed at Powell. Barr has had conflicts with the banking industry regarding new capital rules that require banks to hold more reserves, which has drawn considerable opposition from bank executives.

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Investors may perceive the Fed's tone as a commitment to independent monetary policy, potentially leading to stability in financial markets. However, the ongoing political maneuvering may create uncertainty which can impact bank stocks negatively due to the potential for stricter regulations.

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