Fed vice chair Barr to step down, Bowman possible replacement

Tue, Jan 7, 2025, 10:25 AM

Michael Barr, vice chair of the Federal Reserve, announces plans to step down on February 28th. This announcement spurred speculation that Fed governor Michelle Bowman could end up being Barr's replacement.

Appointed by Trump in November of 2018, Bowman opposed Barr’s "Basel III" proposal and dissented against the Fed’s September rate cut, preferring a smaller basis-point cut.

Yahoo Finance Senior Reporter Jennifer Schonberger discusses Barr's announcement and provides more details on the replacement process.

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This post was written by Josh Lynch