Top Federal Reserve bank regulator, under fire from GOP, to step down next month

The Federal Reserve’s top financial regulator said Monday that he would resign next month, avoiding a potential confrontation with the incoming Trump administration and Republicans in the Senate. Fed governor Michael Barr said in a letter to President Joe Biden that he would step down as vice chair of supervision Feb. 28, or earlier if a successor was confirmed. Yet Barr said he would remain on the Fed’s board of governors.