WASHINGTON — Michael Barr, the Federal Reserve's top regulatory cop, said he would 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.
Barr said he was stepping down as the central bank's vice chair for supervision over a year before his term was set to expire in July 2026, but planned to keep his seat on the Fed's Board of Governors.
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