Fed Vice Chair Michael Barr is stepping down early from his role amid tensions with President-elect Donald Trump over financial regulations. The move comes after a significant overhaul of the banking industry, which faced opposition from various groups including banks, lawmakers, and some colleagues.
Trump’s administration is also facing criticism for its online censorship stance, which conflicts with European regulators. Furthermore, Trump has U-turned on his ban proposal for Chinese-owned app TikTok, opposing the Biden administration’s efforts to do so.
Additionally, Billy Long, Trump’s pick for IRS chief, worked with a company that solicited clients to claim pandemic-era tax credits. The agency warned of widespread fraud, and critics argue this ties to Long’s appointment is problematic.
The climate policies implemented by the Biden administration are also under threat, with many expected to be scrapped. Investors have expressed concerns about the potential impact on renewable energy and electric vehicles. Finally, Trump’s pledge to carry out mass deportations has sparked a debate among local officials on how much to cooperate with immigration agents.
Source: https://www.nytimes.com/2025/01/06/business/economy/fed-barr-vice-chair.html