After two years of service, Jeremy Stein submitted his resignation as a member of the Board of Governors of the Federal Reserve System.
Stein joined the board on May 30, 2012 and since has served on the Committee of Bank Supervision and Regulation and as a co-chair of the Financial Stability Board’s Official Sector Steering Group on reforming interest-rate benchmarks.
Once he steps down, Stein will return to his teaching position in Harvard University’s department of economics.
“Jeremy has made important contributions and served as an intellectual leader during his time at the Board," said Federal Reserve Chair Janet Yellen.
"His understanding of monetary policy and markets as well as his expertise in banking and financial regulation has proven invaluable in his service to the Federal Reserve and the country. My colleagues and I will miss him," Yellen added.