Trump Administration Reviews SVB Collapse Report to Oust Fed Governor Michael Barr
Trump administration officials have discussed using an external review of the 2023 failure of Silicon Valley Bank as a legal basis to remove Federal Reserve Governor Michael Barr, according to people familiar with the matter.
Barr served as the Fed’s vice chair for supervision during the regional bank’s collapse, which resulted from uninsured deposit withdrawals and poor interest-rate risk management. The consideration follows a recent Supreme Court decision that rejected an administration effort to terminate another Democratic governor on the board, as the White House continues to seek greater influence over the central bank.
From the sources (3 posts)
@staunovoAs President Donald Trump seeks more sway over the Federal Reserve, an external review of the 2023 failure of Silicon Valley Bank is turning into a high-stakes political fight. Some Trump administration officials and allies have privately
@stevematthews12Trump officials are looking at the possibility of trying to oust Fed Governor Michael Barr, even after the Supreme Court rejected its effort to fire another Democrat on the board.
@blawAs President Donald Trump seeks more sway over the Federal Reserve, an external review of the 2023 failure of Silicon Valley Bank is turning into a high-stakes political fight.