Influential Fed official Mike Gibson takes resignation offer

Michael Gibson, director of the Federal Reserve’s supervision and regulation division, has accepted the agency’s voluntary resignation offer and plans to leave this month after more than three decades at the central bank, according to an internal email viewed by Bloomberg. 

Gibson, who joined the Fed as an economist in 1992, rose within the agency ranks under former Fed Gov. Daniel Tarullo following the 2008 global financial crisis. 

Bloomberg first reported in May that he would retire, but many of the details weren’t provided. He is departing just after Michelle Bowman became the Fed’s vice chair for supervision — and as the Fed shrinks its workforce by about 10% over the next couple of years, mainly through attrition.

A Fed representative and Gibson declined to comment. 

Gibson informed staff this week that he would accept the Fed’s offer and that his last day in office would be July 31, according to his email to staff. 

“I understand that leadership transitions can be a time of uncertainty,” he wrote. “However, I want to assure you that our organization is well-positioned to navigate these changes successfully. The dedication and talent of our entire staff gives me confidence that our critical work will proceed on track.”

Gibson wrote that Fed staffer Mary Aiken will serve as the acting director of the division, which oversees big banks and administers stress tests — an annual health check-up that evaluates the resiliency of the biggest banks. 

“I am working closely with Vice Chair Bowman’s office and our division leadership to ensure a smooth transition,” he said.