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.
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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.
But Mr. Tarullo, an early supporter of Barack Obama’s who advised him on economic policy during his 2008 campaign, was never nominated to serve as the Fed’s vice chairman for regulation, a position created in the aftermath of the crisis.