Top behind-the-scenes Fed official to step down

Federal Reserve general counsel Scott Alvarez, a key behind-the-scenes figure at the central bank who played a major role in its response to the financial crisis, will step down this year, the Fed announced Wednesday.

Alvarez, who has led the Fed’s legal division for 12 years, doesn’t have a major public profile, but he has shaped Fed regulatory policy through both the Ben Bernanke and Janet Yellen years, including some of the most famous and controversial bailout efforts. In recent years, he has come under some scrutiny from Congress for his role in divisive actions by the central bank.