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 top regulatory cop, said he will step down on Feb. 28, in a surprise move that will avert a potentially messy legal fight with President-elect Donald Trump who is now free to replace him with an official of his choosing.

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.