Uncertainty strikes the Fed after top regulator resigns
Daniel Tarullo, a member of the Federal Reserve Bank's board of governors, on Friday announced his intention to resign in April, a move that gives President Trump three seats to fill on the board. Tarullo took his position in 2009 and "led the Fed's work to craft a new framework for ensuring the safety and soundness of our financial system following the financial crisis," said Fed Chair Janet Yellen.
Trump is expected to choose a replacement with a less activist approach to regulation, particularly after the president last week signaled his interest in repealing some of the Dodd-Frank rules Tarullo helped enforce. Trump ordered the Treasury Department to review current financial regulations to bring them in line with a series of core principles, including "prevent[ing] taxpayer-funded bailouts" and "enabl[ing] American companies to be competitive with foreign firms."
With Tarullo out and Trump preparing to edit Dodd-Frank, there "is quite significant uncertainty about what's actually going to happen [at the Fed]. I don't think anyone quite knows," said Fed Vice Chair Stanley Fischer in a talk on Saturday. "It's a process which involves both the administration and the Congress in deciding fiscal policy."
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Bonnie Kristian was a deputy editor and acting editor-in-chief of TheWeek.com. She is a columnist at Christianity Today and author of Untrustworthy: The Knowledge Crisis Breaking Our Brains, Polluting Our Politics, and Corrupting Christian Community (forthcoming 2022) and A Flexible Faith: Rethinking What It Means to Follow Jesus Today (2018). Her writing has also appeared at Time Magazine, CNN, USA Today, Newsweek, the Los Angeles Times, and The American Conservative, among other outlets.
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