Daniel Tarullo, member of the board of directors of the Federal Reserve and supervisor of the financial sector, he anticipated the resignation of your position “around the 5 of April of 2017.” His resignation gives you more freedom to control the economy to the Management of Trump, who may fill three vacancies on the central bank in his first month as a representative.
Before the resignation of Tarullo, there were already two vacancies in the board of directors of the Fed. Despite the efforts of Obama to appoint both positions with the nomination of Richard Shelby and Allan Landon in 2015, the Senate republican majority, was never approved by any candidate.
One of the vacancies exists at the root of the Dodd-Frank act (promoted by the Obama Administration in reaction to the financial crisis of 2008), the created a new position on the board of with the intention of controlling more rigorously to the banks and to avoid another collapse of the economy. the First of the vacancy, Tarullo was the job supervisor that the law was supposed to create.
Tarullo gave no explanations for their decision, but he said that he planned to resign his post despite the outcome of the presidential election. Trust that the reforms of the Dodd-Frank act will survive the new Administration.
Janet Yellen, president of the Federal Reserve, stated: “Dan led the work of the Fed to develop a new regulatory framework that ensures the safety and soundness of our financial system after the financial crisis”.
One of the campaign promises Trump was remove excessive regulations that control the banking sector. is The resignation of Tarullo opens the way to appoint three officials more prone to the deregulation of the economy.
Trump challenged the Dodd-Frank act last week when he ordered his team to review their opinions. At the same meeting, promised to employers to release to the banks from the restrictions imposed by the law.
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