WASHINGTON — Federal Reserve Board Gov. Jeremy Stein on Thursday submitted his letter of resignation to President Obama.

Stein, 53, who has served on the board since May 2012, is planning to return to his teaching position at Harvard University's economics department. His last day is May 28.

"Jeremy has made important contributions and served as an intellectual leader during his time at the Board," Fed Chair Janet Yellen said in a press release. "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."

The outgoing governor served on the Fed's committee on bank supervision and regulation and as co-chair of the Financial Stability Board's official sector steering group.

His departure will now leave yet another seat open at the board, which Yellen took charge of in February.

Former Fed Gov. Sarah Bloom Raskin was recently confirmed to be the No. 2. Treasury official.

The Senate has yet to confirm Stanley Fischer for the position of vice chair or Lael Brainard as a Fed governor. The Senate is also still considering the renomination of sitting Fed Gov. Jerome Powell.

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