The Federal Reserve's top banking regulator will be stepping down next month, paving the way for President-elect Donald Trump to name a replacement. There had been speculation that Trump might replace Barr after he takes office Jan.

Michael Barr, the vice chair for supervision at the Federal Reserve, said he will leave his post in February, giving President Donald Trump a chance to fill one of the top positions on the powerful central bank.

Michael Barr, vice chair for supervision for the Federal Reserve and the leader of the U.S. effort behind the so-called Basel III endgame proposal to lift capital requirements for banks, said he would step down by Feb. 28, or sooner if a successor is named.