Fed Board Member Jeremy Stein To Resign

Jeremy Stein, a member of the Federal Reserve Board, has announced he plans to resign next month to return to Harvard University. In a letter to President Barack Obama, Stein said he will resign effective May 28. Stein had been on the seven-member Fed board since 2012, and had been an economics professor since 2000. Obama will now need to select a replacement for Stein as well as a replacement for Elizabeth Duke, who left the board last year. Currently, three Obama nominations are pending before the Senate, including his pick for vice chairman, Stanley Fischer.