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.

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Updated 43 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 5 p.m. ET: 11,520,461 — Total deaths: 535,499 — Total recoveries — 6,231,052Map.
  2. U.S.: Total confirmed cases as of 5 p.m. ET: 2,911,888 — Total deaths: 130,101 — Total recoveries: 906,763 — Total tested: 35,515,075Map.
  3. Public health: Case growth outpacing testing in hotspots.
  4. States: West Virginia becomes latest state to mandate facial coverings in public.
  5. Politics: Cuomo accuses Trump of "enabling" the coronavirus surge — Sen. Chuck Grassley opts out of attending GOP convention over coronavirus concerns.

Trump ramps up culture war attacks

Photo: Tasos Katopodis/Getty Images

President Trump's attacks are spreading to sports that are cornerstones of rural, conservative white American life.

Why it matters: The culture war that engulfed the NBA and NFL is reaching other major leagues, with teams that stonewalled activists for years suddenly showing a willingness to listen.

Foreign students could be forced to leave U.S. if colleges move online

Harvard University campus. Photo: Maddie Meyer/Getty Images

Foreign college students could be forced to leave the U.S. or transfer schools if their universities move classes entirely online this fall, according to guidance released by Immigration and Customs Enforcement (ICE) on Monday.

Why it matters: Several U.S. colleges and universities — most recently Harvard — have announced plans to move most or all courses online this fall due to coronavirus concerns. Many institutions rely heavily on tuition from international students.