On March 3, it was reported that former Fed Vice Chair for Supervision, Michael Barr, stepped down from the Fed’s Committee on Supervision and Regulation, leaving the supervision panel without a chair. This leaves Fed Vice Chairs Philip Jefferson and Michelle Bowman as the only remaining members of the committee. Barr reportedly resigned to avoid a potential conflict with President Trump over the role. It was reported that Barr expressed concerns in January about the risk of a dispute over the position being a distraction from the Fed’s mission.

Although Barr resigned as Vice Chair, he reportedly remained a member of the Fed’s Board of Governors, which meant President Trump would likely need to appoint a new vice chair for supervision from the current Fed Board members, as the next vacancy was not expected until 2026. Fed Chair Jerome Powell reportedly assured the House Financial Services Committee that the Board would continue its supervisory work despite the vacancy. Barr continues to serve on other Fed panels, including the Committee on Financial Stability and the Committee on Payments, Clearing, and Settlement.