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AFP News

US Fed's Top Banking Regulator Says He Will Step Down Early

Donald Trump Michael Barr United States US Federal Reserve Joe Biden Tim Scott

Michael Barr, seen in November 15, 2023, has announced that he will step down from his supervisory role (Credit: AFP)

The US Federal Reserve's top banking regulator announced his early resignation Monday, avoiding a confrontation with President-elect Donald Trump who can now pick his replacement.

Michael Barr, the Fed's vice chair for banking supervision, said in a statement that he will step down from his management role by February 28 at the latest -- around 18 months before his term was set to expire in July, 2026.

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