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Stock impact report

Top Federal Reserve bank regulator, under fire from GOP, to step down next month [Los Angeles Times (CA)]

JP Morgan Chase & Co. (JPM) 
Last jp morgan chase & co. earnings: 4/14 06:43 am Check Earnings Report
Fed governor Michael Barr said in a letter to President Biden that he would step down as vice chair for supervision Feb. 28, or earlier if a successor was confirmed. Yet Barr said he would remain on the Fed's board of governors. His term as governor lasts until 2032. Barr oversaw the proposal of tough new rules for the largest U.S. banks, which would have required them to significantly increase their financial reserves. The proposal sparked fierce opposition from the largest financial firms, including JPMorgan Chase, and was sharply criticized by Senate Republicans. During last year's presidential campaign, there were published reports that former President Trump would try to fire or demote Barr. But at a news conference in November, Fed Chair Jerome Powell said a president doesn't have the legal authority to do either. Sen. Tim Scott (R-S.C.), who is in line to chair the Senate Banking Committee, which oversees the Fed, on Monday called Barr's proposed financial regulations “d Show less Read more
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