The most powerful man in banking just quit on President Trump

Daniel Tarullo resigns from Fed board

The Wall Street Journal once referred to Daniel Tarullo as The Most Powerful Man in Banking.

Come April 5, that statement will no longer apply.

Tarullo submitted his resignation as a member of the Board of Governors of the Federal Reserve System, in this letter to President Donald Trump.



Tarullo served the Board since January 28, 2009.

Tarullo is considered the Federal Reserve’s point man on overhauling the financial system, emerged as the most powerful figure pushing against the country's biggest banks over their risk-taking, in the past few years.

He notably headed up the effort in Washington to make major banks hold more money in emergency reserve, for example.

"Dan led the Fed's work to craft a new framework for ensuring the safety and soundness of our financial system following the financial crisis and made invaluable contributions across the entire range of the Fed's responsibilities," Chair Janet Yellen said. "My colleagues and I will truly miss his deep expertise, impeccable judgment, wise insight, and strategic counsel."

Tarullo, 64, was appointed to the Board by President Obama for an unexpired term ending January 31, 2022. During his time on the Board, he served as Chairman of the Board's Committee on Supervision and Regulation. He was also Chairman of the Financial Stability Board's Standing Committee on Supervisory and Regulatory Cooperation.

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