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.

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,

Michael Barr, vice chair for supervision for the Federal Reserve and the leader of the U.S. effort behind the so-called Basel III endgame proposal to lift capital requirements for banks, said he would step down by Feb. 28, or sooner if a successor is named.