Fed's point man on regulation resigns

The Federal Reserve’s point man on financial regulation submitted his resignation Friday, meaning the Fed’s Board of Governors will drop to just four members when he leaves in April and just as Congress looks to gut former President Barack Obama’s financial regulations.

Daniel Tarullo, who began working on the board in January 2009, submitted his resignation effective on or about April 5. Tarullo was the chairman of the board’s Committee on Supervision and Regulation, making him one of the top regulators and helped lead the board’s oversight of financial institutions. His term was set to end in 2022, as the president appoints Board of Governors members to 14-year terms.