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U.S. Fed board member Tarullo announces resignation

Xinhua, February 11, 2017 Adjust font size:

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.

In a brief letter sent to President Donald Trump, Tarullo said that he intended to resign on or around April 5.

Tarullo has been the member of the Board Governors of the central bank since January 2009 and has been overseeing the regulation of the financial sector. He was considered as one of the toughest supervisors of banking industry.

His term doesn't expire until 2022. He didn't offer the reason for his resignation.

Fed chair Janet Yellen said on Friday that Tarullo "led the Fed's work to craft a new framework for ensuring the safety and soundness of our financial system following the financial crisis."

He "made invaluable contributions across the entire range of the Fed's responsibilities," Yellen said in a statement.

Tarullo's departure would leave three vacant seats on the Fed board. Currently, there are two vacancies on the Fed board because Congress declined to confirm two nominees of former President Barack Obama. Endit