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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Dion Rabouin, author of Markets
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Coronavirus surge is sinking consumer confidence

Data: Hamilton Place Strategies, CivicScience; Chart: Axios Visuals

The rise in coronavirus cases in certain parts of the U.S. is stunting confidence across the country, a crop of new reports show.

Driving the news: After stalling during the previous two-week period, overall economic sentiment declined for the first time in two months, according to the Economic Sentiment Index, a biweekly survey from data firm CivicScience and Hamilton Place Strategies (HPS).

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Obama: Trump is "jealous of COVID's media coverage."
  2. Health: Mask mandates help control the rise in coronavirus hospitalizations. Hospitals face a crush.
  3. Business: Coronavirus testing is a windfall. Winter threat spurs new surge of startup activity.
  4. Media: Pandemic causes TV providers to lose the most subscribers ever.
  5. World: Putin mandates face masks.

The GOP's monstrous math problem

Illustration: Sarah Grillo/Axios

Republicans, win or lose next week, face a big — and growing — math problem.

The state of play: They're relying almost exclusively on a shrinking demographic (white men), living in shrinking areas (small, rural towns), creating a reliance on people with shrinking incomes (white workers without college degrees) to survive.