Source: The American Prospect
by Ryan Cooper
“One big problem with American government is that, partly because it is nearly impossible to pass normal legislation anymore, the federal agency structure is never rationalized or streamlined. New agencies are just piled up over time in an endlessly growing tangle of bureaucracy. That’s why the Federal Reserve, America’s central bank, is also tasked with some financial regulation responsibilities, along with the SEC, CFTC, OCC, and CFPB. At the Fed, this task falls to the agency’s vice chair of supervision, a post currently filled by Michael Barr, who was appointed to a four-year term in July 2022. But, facing threats from President-elect Trump, Barr has decided to quit rather than fight. The Fed announced this week he will step down from this supervisorial role by February 28, or sooner if Trump decides to nominate someone else. This is a great gift to Trump.” (01/08/25)