The Federal Reserve's top banking regulator will be stepping down next month, paving the way for President-elect Donald Trump to name a replacement. There had been speculation that Trump might replace Barr after he takes office Jan.

Michael Barr, the Federal Reserve ’s vice chair for supervision, plans to step down from that role. Barr plans to depart from the position on Feb. 28 unless a successor is confirmed earlier, the US central bank said on Monday. He plans to continue to serve as a member of the Fed’s Board of Governors.

Michael Barr is stepping down as Wall Street’s top regulator but will stay on as a governor at the Federal Reserve, the US central bank announced on Monday. Barr will vacate his role as vice-chair for supervision at the end of February,

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.

Federal Reserve Vice Chairman for Supervision Michael Barr announced that he will step down from the powerful role in the coming weeks after President-elect Donald Trump enters office. Barr submitted his resignation letter to President Joe Biden on Monday,