The Federal Reserve said Friday that Daniel Tarullo, the central bank's top financial regulator, has submitted his resignation, effective April 5, creating an opportunity for President Donald Trump to reshape the Fed.

"Dan led the Fed's work to craft a new framework for ensuring the safety and soundness of our financial system following the financial crisis and made invaluable contributions across the entire range of the Fed's responsibilities," Fed Chair Janet Yellen said in a release. "My colleagues and I will truly miss his deep expertise, impeccable judgment, wise insight, and strategic counsel."

Tarullo, 64, has been a member of the Fed's board of governors since 2009.

He served as chairman of the board's Committee on Supervision and Regulation and was chairman of the Financial Stability Board's Standing Committee on Supervisory and Regulatory Cooperation.

Tarullo is a voting member of the central bank's policymaking panel.

