Monday's decision by the Federal Reserve's top bank regulator to step down from his job — but not from the Fed entirely — is simultaneously less and more than meets the eye. Why it matters: Michael Barr's self-demotion clears the way for President-elect Trump to appoint a vice chair for supervision.

Michael Barr, the vice chair for supervision at the Federal Reserve, said he will leave his post in February, giving President Donald Trump a chance to fill one of the top positions on the powerful central bank.

Michael Barr oversaw an attempt to rewrite financial regulations that came under attack from a wide range of groups, including banks, lawmakers and even some of his colleagues.