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 Federal Reserve's vice chair for supervision, is stepping down to avoid legal conflict with the incoming Trump administration, which may replace him with an industry-friendly figure.