Michael Barr, the Vice Chair for Supervision at the US Federal Reserve, will resign by February 28, 2025, or earlier if a successor is confirmed.

Despite stepping down from this role, Barr will remain a member of the Federal Reserve Board of Governors.

The Federal Reserve announced Barr’s departure on Monday amid speculation that incoming President Donald Trump may look to appoint a replacement.

In his resignation letter to President Joe Biden, Barr noted that his departure aims to prevent potential disputes from distracting the Fed’s mission, though he will continue his public service commitment as a governor.