"Michael Barr will resign as Vice Chair for Supervision of the Federal Reserve on February 28, avoiding potential conflict with the incoming Trump administration. Barr will remain on the Federal Reserve's Board of Governors, with his term lasting until 2032. The Federal Reserve will not make major rule changes until a successor for Barr is confirmed, as stated in their announcement. Senator Tim Scott criticized Barr's proposed financial regulations, calling them disastrous, and indicated a desire for more responsible regulators."