Federal Reserve Board of Governors member Jeremy Stein. File photo: Kevin Lamarque/Reuters.
Federal Reserve Board of Governors member Jeremy Stein. File photo: Kevin Lamarque/Reuters.

Jeremy C. Stein, an advocate for tougher financial regulation, submitted his resignation Thursday as a member of the board of governors of the Federal Reserve System, effective May 28.

The Fed made available a copy of Stein’s resignation letter. In that letter, Stein said he plans to return to his teaching duties at Harvard University.

Stein, 53, has been a member of the board since 2012 when he went on leave from his position as the Moise Y. Safra Professor of Economics at Harvard. Stein has also taught finance at the Massachusetts Institute of Technology’s Sloan School of Management.

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“Jeremy has made important contributions and served as an intellectual leader during his time at the Board,” Federal Reserve chair Janet L. Yellen said in a statement. “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.”