Scott Statement on Michael Barr

Washington, D.C. – U.S. Senator Tim Scott (R-S.C.) released the following statement on Michael Barr’s announcement he will step down as the Federal Reserve Board Vice Chair for Supervision:

“The Federal Reserve Vice Chair for Supervision is mandated by law to oversee the safety and soundness of our banking system. From his supervisory failures during the Spring 2023 bank failures to the disastrous Basel III Endgame proposal - Michael Barr has failed to meet the responsibilities of his position. I stand ready to work with President Trump to ensure we have responsible financial regulators at the helm.”

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