The Federal Reserve’s top bank cop, Michael Barr,implored regulators to stay vigilant about risks to the financial system as he gets ready to step down from his role as vice chair for supervision while remaining on the Board of Governors.

In what is expected to be his final speech as the Fed's rules chief, Barr maintained that strong rules are needed to guard against unforeseen shocks.

Federal Reserve Vice Chair for Supervision Michael Barr urged the Trump administration to continue reforms initiated under Biden and emphasized the importance of keeping the central bank apolitical.