Long-time professor Jeremy Stein was confirmed less than 2 years ago and still had 4 years left on his term but quit today. He didn’t explain or hint why he left and said he’s returning to teach at Harvard.
“During my time here, the economy has moved steadily back in the direction of full employment, and a number of important steps have been taken to make the financial system stronger and more resilient,” he said.
Here is his resignation letter.
Jeremy Stein
Stein will go down as a footnote in Fed history. I can’t remember a single time he delivered a notable comment or moved markets.
Stanley Fischer and Lael Brainard are awaiting Senate confirmation but with Stein’s resignation, that leaves two more vacancies to fill on the depleted Board.
