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Daniel Tarullo submitted his resignation from his seat on the Board of Governors effective April 5th, the Fed said Friday.

Because the position of vice chair for supervision was left unfilled amid Obama-era gridlock, Tarullo took on the responsibilities of implementing the Fed's wide powers for regulating banks given it by the Dodd-Frank financial reform bill.

Why it matters: Donald Trump has stressed his intention to ease up on financial regulations, and Tarullo's exit might just be his reading the tea leaves that tough supervision at the Fed will be frowned upon. With a Republican Senate, it's likely that Trump will be able to fill Tarullo's seat, plus the two others that are vacant.

Who will Trump pick? It's anybody's guess. While Republicans agree (in theory) on reducing financial regulation, President Trump has been all over the map on monetary policy. He warned during the campaign that Yellen-Bernanke stimulus was setting up the economy for a crash, but is also critical of a strong dollar. The two goals of tight monetary policy and a weak dollar are incompatible, making it difficult to induce Trump's preferred type of central banker.

Go deeper

Updated 8 hours ago - Technology

From Malcolm X to "Free Britney," new media shapes the justice system

Illustration: Shoshana Gordon/Axios

True crime documentaries, podcasts and social media campaigns are bringing new attention to real-world legal proceedings — and are often affecting the outcome.

Why it matters: New media platforms can instantly put a national spotlight on cases that have long been forgotten or buried under red tape.

Updated 11 hours ago - Health

The next big bottleneck in the global vaccination effort

Illustration: Rae Cook/Axios

The world still needs more coronavirus vaccines, but an additional bottleneck has emerged in many low-income countries: They need help getting shots in arms.

Why it matters: Increasing vaccination rates across the world is both a humanitarian necessity and the best way to prevent dangerous new variants from emerging, but it increasingly requires complex problem-solving.

Updated 11 hours ago - Health

COVID-19 Omicron variant cases identified in Europe, U.K.

People wearing masks walk in London on Nov. 25. Photo: Li Ying/Xinhua via Getty Images

Health officials in the United Kingdom, Italy and Germany announced on Saturday that they've detected the first known cases of the new COVID-19 Omicron variant.

Why it matters: The discoveries come as the world scrambles to respond to concerns over the new variant, discovered in South Africa earlier this week.