Federal Reserve board member Daniel Tarullo has announced his resignation. He is a key official guiding the Fed's bank regulation efforts.

Tarullo's decision will clear the way for President Donald Trump to select someone for the bank supervision position. Trump is likely to choose someone more in line with his desires to roll back the regulations put in place by the Dodd-Frank Act, which overhauled bank supervision in the wake of the 2008 financial crisis.

Tarullo said in a short resignation letter to Trump that he planned to resign "on or around April 5, 2017."

There are currently two vacancies on the Fed board because Congress refused to confirm two nominees of former President Barack Obama.

Associated Press

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