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,

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 U.S. Federal Reserve’s vice chair for supervision, will step down from his position on Feb. 28 — or earlier, if a successor is confirmed — according to a Monday announcement from the Federal Reserve. Barr will continue to serve as a member of the Federal Reserve Board of Governors.