U.S. Senator Tim Scott of South Carolina issued a statement regarding Michael Barr's decision to resign from his role as the Federal Reserve Board Vice Chair for Supervision. The announcement comes amid criticism of Barr's performance in overseeing the banking system.
Senator Scott highlighted several concerns, pointing to "supervisory failures during the Spring 2023 bank failures" and labeling the Basel III Endgame proposal as "disastrous." He expressed his readiness to collaborate with President Trump to appoint what he describes as "responsible financial regulators."
The position of Federal Reserve Vice Chair for Supervision holds significant responsibility in maintaining the safety and soundness of the U.S. banking system. With Barr's departure, attention will turn to finding a successor capable of fulfilling these duties effectively.