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Fed's Tarullo to Step Down as Top Regulator of Wall Street Banks

11 February, 2017, 00:25 | Author: Paula Vaughn
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During his time on the Board, he served as Chairman of the Board's Committee on Supervision and Regulation.

U.S. Federal Reserve governor Daniel Tarullo, a top official charged with bank regulation, said on Friday that he will resign from the position in early April.

Tarullo was appointed to the Board of Governors by President Barack Obama on January 28, 2009, for an unexpired term ending January 31, 2022.

Bank stocks moved higher in the moments following the announcement, with the S&P banks industry group index.SPXBK rising by 0.35 percent.

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In a brief resignation letter addressed to Trump, Tarullo did not explain his departure, but said: "It has been a great privilege to work with former Chairman [Ben] Bemanke and Chair Yellen during such a challenging period for the nation's economy and financial system".

"Populist forces remain strong within Team Trump.so there is risk that the replacement could be tougher on the biggest banks than Tarullo, rather than easier".

Janet Yellen's four-year term as Federal Reserve chair is due to expire in February 2018, and given Trump's criticism of the Fed and of Yellen, he is widely expected to appoint a new chief. But the Obama administration never filled the post, reflecting in part the sharp disagreements between Democrats and Republicans in Congress over how the financial system should be regulated.

Tarullo's exit will create a third opening on the Fed's board of governors. He was also Chairman of the Financial Stability Board's Standing Committee on Supervisory and Regulatory Cooperation. Taken together, the openings hand Trump has an opportunity to ease Wall Street regulations. Sensibly enacting financial reform so that it would be durably embedded in our financial system will be his legacy.

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