Fed governor Daniel Tarullo, who oversaw bank supervision, to resign

The Federal Reserve's headquarters in Washington D.C

Daniel Tarullo, the point man on bank regulation at the Federal Reserve, announced on Friday he's stepping down in April, more than four years ahead of schedule.

"Tarullo's resignation only further cements our view that significant change is coming to the Federal Reserve Board of Governors over the next 18 months", Barclays Research said in a client note.

Tarullo was tapped to fill an unexpired term ending January 31, 2022.

In a two-sentence resignation letter Friday to Trump, Tarullo said that it has been "a great privilege" to work with former Fed Chairman Ben Bernanke and Chair Yellen during such a "challenging period for the nation's economy and financial system".

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Tarullo's departure would leave three vacant seats on the Fed board.

"The government's future approach to bank capital depends on the president's pick for vice-chairman for supervision at the Fed, Comptroller of the Currency and FDIC chairman", Seiberg said. Tarullo essentially filled that role, but would have likely found his powers and influence curtailed by a Trump-appointee.

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. 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. Trump will also be filling key openings at other financial regulators, including the Office of the Comptroller of the Currency.

Tarullo, 64, had been a law professor at Georgetown University Law Center before joining the Fed board in 2009.