Tarullo Announces Plans to Resign from Federal Reserve Board

On Friday, February 10th, Daniel Tarullo sent a letter to President Trump, announcing plans to resign his position on the Federal Reserve Board (FRB) in early April of this year.

According to a recent Reuters article, Tarullo will be stepping down nearly five years ahead of when his term is set to expire in 2022. By doing so Tarullo will create a third vacancy on the seven member board, providing the President, who is responsible for making appointments to the FRB, with an opportunity to exercise even greater influence over financial regulatory policy. In addition to these positions, Trump is also expected to appoint one member of the FRB as the vice chair of supervision.

This powerful position, created by the Dodd-Frank Act, is broadly responsible for bank oversight. Although Tarullo never officially served in this role, he fulfilled many of its core responsibilities during his time on the Board.

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