Tarullo, 64, was instrumental in writing the banking regulations demanded by Dodd-Frank, drawing fire from financial institutions that said they were being strangled by red tape.
Stock prices for megabanks jumped on the news of Tarullo’s imminent departure, with shares in Bank of America Corp. and Citigroup Inc. rising almost 1% in the half-hour following the announcement.
The resignation gives Trump three vacancies to fill on the Fed's seven member board.
Gary Cohn, director of the White House National Economic Council, has said filling the Fed’s banking post is a priority for the administration. Hesaid in a Journal interview last week the Fed has clamped down too heavily on banks under Tarullo’s watch
(via: The Financial Times,The Wall Street Journal)