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Former Kresge Trustee Michael Barr confirmed as Fed’s Vice Chairman of Banking Supervision

From the President, General Foundation News

Although we delight in having a relatively small universe of staff, trustees, and alumni here at the foundation, it never ceases to amaze me how far and wide the impact of our colleagues extends. We are honored to have many former staff and trustees sharing and proselytizing Kresge’s mission and values in roles across the public, private, and philanthropic sectors. But I can think of no other time that we’ve seen such a flurry of successions to the federal government, which has included Jalonne White-Newsome (Senior Director for Environmental Justice, White House Council on Environmental Quality), Maria Rosario Jackson (Chair, National Endowment of the Arts), and Kelly Leon (Press Secretary, U.S. Department of Education).

Former Kresge Trustee Michael Barr has been confirmed as the Federal Reserve’s Vice Chairman of Banking Supervision.

Today we add another esteemed member of The Kresge Foundation family to that list: Trustee Michael Barr, who has been confirmed by the U.S. Senate to the Federal Reserve Board’s second highest office as Vice Chairman of Banking Supervision.

Michael will be just the second individual to serve in the banking supervision role, which was created through the Dodd–Frank Wall Street Reform and Consumer Protection Act (which Michael himself was instrumental in crafting). President Biden designated Michael for the role in May; his confirmation yesterday by the Senate will charge him with developing policy recommendations and regulating U.S. banking institutions for a term of four years; his term on the Federal Reserve Board of Governors runs through 2032.

Appropriately, Michael has requested to resign from his position as a Kresge Trustee effective today.

Michael’s nomination appointment will leave a gaping hole in Kresge’s Board, but he fills an even more gaping hole at the Federal Reserve. We look forward to the important work Michael has before him in this new role and wish him immense success.