Economics
Financial Stocks Spike on Fed Regulatory Chief's Plan to Resign
- Daniel Tarullo led efforts to safeguard financial system
- Traders see replacement as more likely to embrace deregulation
Fed's Tarullo to Resign, How Might Trump Reshape Fed?
This article is for subscribers only.
Financial stocks took a leg up after news that the Federal Reserve’s toughest watchdog on the industry resigned.
The Financial Select Sector SPDR ETF gained as much as 0.6 percent on Friday after Federal Reserve Governor Daniel Tarullo announced he will retire on or around April 5. Tarullo, who started his term a week after Barack Obama took office, also served a the central bank’s top regulator of Wall Street banks. The 64-year-old’s stint as governor wasn’t due to expire until 2022.