Tarullo resignation leaves 3 seats open

The resignation Friday of Daniel K. Tarullo as a board member of the Federal Reserve will leave three openings on the seven seats on the central bank’s governing body, which also faces the expiration of the chairman’s term in about a year.

Tarullo is resigning his seat (effective April 5) five years before his term officially ends. He was appointed to the board eight years ago during the height of the financial crisis by President Barack Obama to an unexpired term ending Jan. 31, 2022.

In a resignation letter to President Donald Trump, Tarullo stated that “it has been a great privilege to work with former Chairman Bemanke and Chair Yellen during such a challenging period for the nation’s economy and financial system.”

Tarullo’s resignation will leave the board with only four filled seats out of the seven total. More change could be ahead for the board: Yellin’s term as chairman ends in February 2018; her term as a board member ends Jan. 31, 2024.