Board of Governors of the Federal Reserve System

Jeremy C. Stein submitted his resignation Thursday as a member of the Board of Governors of the Federal Reserve System, effective May 28, 2014.

Stein, who has been a member of the Board since May 30, 2012, submitted his letter of resignation to President Obama and plans to return to his teaching position in Harvard University's department of economics.

"Jeremy has made important contributions and served as an intellectual leader during his time at the Board," said Federal Reserve Chair Janet L. Yellen. "His understanding of monetary policy and markets as well as his expertise in banking and financial regulation has proven invaluable in his service to the Federal Reserve and the country. My colleagues and I will miss him."

Stein, 53, was appointed to the Board by President Obama to fill an unexpired term that ends January 31, 2018. During his time on the Board, he served on the Committee on Bank Supervision and Regulation, and as co-chair of the Financial Stability Board's Official Sector Steering Group on reforming interest-rate benchmarks. This international group of regulators has been charged with developing alternative reference rates and transition strategies in the wake of the well-documented problems with LIBOR. 

While at the Board, Dr. Stein has been on leave from his position as the Moise Y. Safra Professor of Economics at Harvard University, where he taught courses in finance in the undergraduate and Ph.D. programs. From February to July 2009, Dr. Stein served in the Obama administration as a senior adviser to the Secretary of the Treasury and on the staff of the National Economic Council.

Before joining the Harvard faculty in 2000, Dr. Stein taught finance at the Massachusetts Institute of Technology's Sloan School of Management. Prior to joining the MIT faculty, Dr. Stein was an assistant professor of finance at the Harvard Business School from 1987 to 1990.

A copy of his resignation letter is attached.

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