Please ensure Javascript is enabled for purposes of website accessibility
Home / News / Finance / Fed board member Stein announces resignation

Fed board member Stein announces resignation

WASHINGTON (AP) — Jeremy Stein, a member of the Federal Reserve Board, says that he plans to resign next month to return to Harvard University.

In a letter to President Barack Obama, Stein says that he will resign effective May 28 and return to Harvard, where he had been an economics professor since 2000. Stein had been on the seven-member Fed board since 2012.

Stein’s departure will mean one more vacancy for Obama to fill. Currently, there are three Obama nominations pending before the Senate including Stanley Fischer, who Obama has nominated as vice chairman, succeeding Janet Yellen. Yellen in February became Fed chair, the first woman to hold the position in the Fed’s 100 year history.

Obama has also nominated Lael Brainard and Jerome Powell.