Senate Banking Committee Chairman Tim Scott and House Financial Services Committee Chairman French Hill have emphasized the urgency of appointing a new Vice Chair for Supervision at the Federal Reserve. In a letter to Treasury Secretary Scott Bessent, they underscored the importance of this role in maintaining effective oversight and regulation.
The letter was supported by several Republican members from both committees. It stressed the need for “a strong leader” to fill the vacancy promptly to address issues such as unwinding politicized regulations from the Biden administration, ensuring accountability, and adjusting regulatory efforts appropriately. The letter highlighted past leadership gaps that contributed to significant bank failures.
Michael Barr’s resignation from the position on February 28, 2025, left this critical role vacant. Chairman Scott criticized Barr’s tenure, noting his failure to meet his responsibilities and called for competent financial regulators at the Federal Reserve Board.
