U.S. Senator Tim Scott has issued a statement following the announcement that Michael Barr will step down from his role as the Federal Reserve Board Vice Chair for Supervision. In his statement, Senator Scott criticized Barr's performance in the position.
"The Federal Reserve Vice Chair for Supervision is mandated by law to oversee the safety and soundness of our banking system," said Scott. He further remarked on what he described as "supervisory failures during the Spring 2023 bank failures" and referred to the "disastrous Basel III Endgame proposal," asserting that Barr did not fulfill his responsibilities effectively.
Senator Scott expressed his willingness to collaborate with President Trump to ensure that responsible financial regulators are appointed.