Wall Street's top regulator is resigning from the Fed

The Wall Street Journal once referred to Daniel Tarullo as The Most Powerful Man in Banking. During this tenure, he served as chairman of the Board's Committee on Supervision and Regulation and chairman of the Financial Stability Board's Standing Committee on Supervisory and Regulatory Cooperation.

Daniel Tarullo, governor of the U.S. Federal Reserve, speaks during a Bloomberg Television interview at the International Monetary Fund (IMF) and World Bank Group Spring Meetings in Washington, D.C.in 2013.

Daniel Tarullo, the Federal Reserve official who spearheaded the USA government's aggressive push to make banks safer after the 2008 financial crisis, plans to step down in early April.

The letter said his resignation will take effect "on or about" April 5. Currently, there are two vacancies on the Fed board because Congress declined to confirm two nominees of former President Barack Obama.

Both Tarullo and Federal Reserve Chair Janet Yellen have said the Dodd-Frank financial regulations, introduced in the wake of the 2008 crisis should not be watered down, saying they had reduced the risks in the financial system. Trump has promised to dismantle 2010's regulatory reform package, known as the Dodd-Frank Act, signing an executive order last week calling for a review of the rules that govern the financial industry.

Besides crafting regulation, Tarullo also is a voter on interest rate policy. However, such a role was effectively filled by Tarullo, and President Obama never named someone to that post.

Tarullo, 64, did not explain why he's resigning but noted that he's served as a Fed governor for more than eight years. It is expected he will decide to appoint someone else as chairman of the Fed when Yellen's four-year term ends in February 2018.

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