Barr Didn’t Want Legal Battle for Fed Job, Even If He Could Win

Michael Barr says his choice to step down from his role as vice chair for supervision came down to the calculus that even winning a fight with the incoming Trump administration to stay would be a loss for the Federal Reserve.

“This was a very tough decision for me,” Barr told Bloomberg News in an interview, adding that he became concerned staying would be a distraction for the institution.

“At the end of the day I would, according to my counsel and to the general counsel of Fed, prevail on any legal merits if this came to litigation,” he said. ...