Michael Barr Resigns from Fed Role, Citing Legal Battle Concerns Ahead of Trump's Inauguration; Ian McGinley Also Steps Down

Michael Barr, the Vice Chair for Supervision at the Federal Reserve, has announced his resignation, citing concerns about a potential legal battle with President-elect Donald Trump. Barr's decision follows the impending transition of power and reflects the challenges posed by the incoming administration. Graham Steele, a fellow at Stanford Law School, noted that the confrontation is being driven by both the new administration and the banking industry. Additionally, Ian McGinley, the enforcement director at the Commodity Futures Trading Commission, is also stepping down just days before Trump's inauguration. Barr's departure is seen as a strategic move to avoid conflict, as he indicated that even winning a fight to remain in his position would ultimately be detrimental to the Federal Reserve.