One of the strongest voices calling for increased regulatory safeguards on Wall Street has announced his resignation from the Federal Reserve effective April 5.
Daniel Tarullo, a 64-year-old Fed governor known for taking the lead in pushing post-financial crisis regulations, wrote to President Donald Trump last Friday to officially resign from his post. The move was expected and will allow Trump to push through a deregulatory agenda by letting him choose the next official responsible for overseeing Wall Street, the Wall Street Journal reports. Stock prices of the largest U.S. banks rose nearly 1% just half an hour after the announcement.
Tarullo’s term does not end until 2022, but he said he was fairly certain he would retire this year even before the November election, adding that the Trump administration did not request he leave.
