Top Federal Reserve official resigns as bank deregulation looms
Source: Reuters
The top Federal Reserve official charged with financial regulation said on Friday that he would resign, just a week after the new administration of President Donald Trump said it would undertake a review of what it sees as onerous bank rules.
Daniel Tarullo, who had served at the Fed since 2009 and helped shape its response to the 2008-2009 financial crisis, said in a letter to Trump on Friday he would leave the central bank "on or around April 5."
The new administration has already said it would appoint a new Fed governor charged with heading financial regulation, a post in which Tarullo was never formally confirmed. That person has not yet been named.
David Nason, a General Electric executive and former U.S. Treasury Department official, is the front runner for the regulation post, sources with the appointment process have told Reuters.
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Fed Official’s Departure to Leave 3 Vacant Seats on Board
WASHINGTON — Daniel K. Tarullo, the Federal Reserve official who has led its efforts to strengthen financial regulation, announced on Friday that he would resign in early April.
Mr. Tarullo’s departure from the Fed’s board of governors will leave three vacant seats on the seven-member board, offering President Trump an immediate opportunity to reshape the central bank. The Trump administration has expressed particular interest in erasing some of the financial regulations put in place on Mr. Tarullo’s watch.
Mr. Tarullo did not give a reason for his resignation in a two-sentence letter that said he would leave around April 5. His term at the Fed did not expire until 2022.
Mr. Tarullo joined the Fed in January 2009 as the Obama administration’s man at the central bank, with responsibility for overseeing the Fed’s overhaul of its regulatory operations in the wake of the 2008 financial crisis.
https://www.nytimes.com/2017/02/10/us/politics/daniel-tarullo-federal-reserve.html?smid=tw-nytimes&smtyp=cur
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