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.

The Federal Reserve’s top banking regulator said he would step down from his position, but will stay on as a Fed governor.