Vice Chair of the Federal Reserve for Supervision Michael Barr, who has been adamant about a need for stablecoin regulation, will step down from that role in late February.
The U.S. Federal Reserve Board said on Monday that Barr would be stepping down as vice chair for supervision but will continue to stay on as a member of the Federal Reserve Board of Governors. His last day will be February 28 or earlier if a successor is put in place. Barr's announcement comes after speculation that president-elect Donald Trump could decide to replace him, according to multiple news reports.
"The position of vice chair for supervision was created after the Global Financial Crisis to create greater responsibility, transparency, and accountability for the Federal Reserve's supervision and regulation of the financial system," Barr said in a resignation letter to President Joe Biden, according to a statement from the central bank. "The risk of a dispute over the position could be a distraction from our mission. In the current environment, I've determined that I would be more effective in serving the American people from my role as governor."
Barr had made calls for stablecoins to be regulated over the past year and has said stablecoins "borrows the trust of the central bank."
"... The Federal Reserve has a strong interest in ensuring that any stablecoin offerings operate within an appropriate federal prudential oversight framework, so they do not threaten financial stability or payments system integrity," Barr said in October 2023 at a conference in Washington D.C.
Lawmakers have worked on bills to regulate stablecoins for years, though a sticking point has been divvying up regulatory authorities between state and federal.
The Federal Reserve said it does not plan to take on significant rulemaking until Barr's successor is confirmed.
Barr was previously a dean and a law professor at the University of Michigan. Barr also served in the U.S. Department of the Treasury in several senior policy positions, the Federal Reserve said in Monday's statement.
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