Fed Vice Chair seeks legal advice amid potential conflict with incoming administration - Reuters

Investing.com -- Federal Reserve Vice Chair for Supervision Michael Barr is exploring legal options in anticipation of potential attempts by President-elect Donald Trump to dismiss him, according to Reuters, citing anonymous sources. This development signals a possible impending conflict between the incoming administration and the central bank.

Barr, appointed by President Joe Biden as the Fed's top regulatory official, has recently consulted with the law firm Arnold & Porter in a personal capacity, two sources confirmed. However, further details about Barr's discussions with the lawyers, including his potential response to any removal attempt, remain unknown.

The Federal Reserve, Arnold & Porter, and the Trump transition team have all refrained from commenting on the matter. Barr himself did not respond to requests for comment.

Barr, whose term as the overseer of bank supervision is set to expire in July 2026, has previously communicated to Congress his intention to serve his full term. The sources discussing Barr's plans chose to remain anonymous.

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Source: Investing.com