WASHINGTON (4/4/14)--Federal Reserve Board Governor Jeremy Stein Thursday submitted his resignation, effective May 28, and announced plans to return to his teaching position in Harvard University's department of economics.
Stein has been a Fed board member since May 30, 2012, and was appointed by President Barack Obama to fill an unexpired term that ends Jan. 31, 2018.
New Fed Chair Janel Yellen said of Stein, "His understanding of monetary policy and markets as well as his expertise in banking and financial regulation has proven invaluable in his service to the Federal Reserve and the country." She added he has served as an "intellectual leader" during his time at the Fed.
While at the Fed, Stein served on the Committee on Bank Supervision and Regulation. He co-chaired the Financial Stability Board's Official Sector Steering Group on reforming interest-rate benchmarks, an international group of regulators charged with developing alternative reference rates and transition strategies in the wake of the "well-documented problems with LIBOR."
Use the resource link to access Stein's letter of resignation.