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 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.

Michael Barr will continue to serve on the Federal Reserve’s board of governors, the central bank said Monday.