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.

Bank stocks rose after Fed Vice Chair Michael Barr stepped down from his banking regulator role. Banks, investors are anticipating more lenient rules

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,