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.

The Federal Reserve’s top supervisory official said he would step down from his position, avoiding a potential legal fight with the incoming Trump administration. He will stay on as a Fed governor.

His decision to step down was fueled, in part, by the fact that a “risk of a dispute over the position” could be a distraction from the Fed’s mission of supervision and regulation of the financial system,

Michael Barr, the U.S. Federal Reserve’s vice chair for supervision, will step down from his position on Feb. 28 — or earlier, if a successor is confirmed — according to a Monday announcement from the Federal Reserve. Barr will continue to serve as a member of the Federal Reserve Board of Governors.

Michael Barr said he'll step down as the Federal Reserve's vice chair of supervision at the end of February, seeking to avoid a dispute over the role, as Donald Trump starts his second term as U.S. president,

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