Federal Reserve Gov. Jeremy Stein on Thursday announced his resignation from the Federal Reserve Board of Governors.
Mr. Stein, who joined the board in May 2012, will return to teaching at Harvard University's Department of Economics.
While on the Fed board, Mr. Stein co-chaired the Financial Stability Board's steering group looking at ways to reform interest rate benchmarks, and he served on the bank supervision and regulation committee.
Federal Reserve Chairwoman Janet Yellen praised Mr. Stein for “his understanding of monetary policy and markets as well as his expertise in banking and financial regulation.”
Keefe, Bruyette & Woods analyst Brian Gardner expected little impact on monetary policy, saying in an e-mailed response to a request for comment that Mr. Stein supported Fed policy statements. His replacement “is likely to hold similar monetary policy views as other recent nominees by President Obama — that is to say, dovish, but thinking that quantitative easing has run its course,” Mr. Gardner said.