The US Federal Reserve's top bank regulator on Monday announced he will step down from his position next month, avoiding a clash with president-elect Donald Trump.
The decision by Michael Barr, the Fed's vice chairman for banking supervision, comes after mounting speculation that Mr Trump was considering sacking him. Mr Barr had been seeking legal advice on exploring options against attempts by Mr Trump to remove him from his position, Reuters reported last month. It is unclear if a President can fire a Fed official.
By stepping down, Mr Barr will avoid any legal clashes, although it will allow Mr Trump to name a successor to the role. But with Mr Barr staying on as a Fed governor, Mr Trump will have to name a member from the existing seven-member Federal Reserve Board to replace him.
Mr Barr did not mention Mr Trump by name in his resignation statement, but said “the risk of a dispute over the position” could distract the Fed from regulating the banking system. Mr Barr said he will continue serving as a member of the Federal Reserve Board of Governors.
The Fed said it does not intend to make any major rules until a successor is confirmed.
The US central bank has been in the process of implementing a new set of banking reforms as part of the Basel III Endgame process that have been widely criticised by the banking industry. Mr Barr's departure casts further uncertainty on its status.
After the Fed's initial proposal was panned by numerous interest groups and public officials, Mr Barr in September previewed a new, scaled-down plan that would cut capital requirements for the largest US banks under Basel III.
That proposal would require the eight so-called global systemically important banks to increase their capital by 9 per cent, as opposed to 19 per cent, designed to act as a buffer against financial shocks.
The position of vice chairman or chairwoman for supervision was created after the global financial crisis to strengthen the central bank's regulation of the US financial system.
The National has contacted Mr Trump's transition team for comment.
Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt
Date started: January 2017, app launched November 2017
Based: Dubai, UAE
Sector: Private/Retail/Leisure
Number of Employees: 18 employees, including full-time and flexible workers
Funding stage and size: Seed round completed Q4 2019 - $1m raised
Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
