Daniel K. Tarullo

Governor on the Federal Reserve Board (since January 2009)

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Why He Matters

An international finance expert and former Clinton administration official, President Barack Obama appointed Tarullo in December 2008 to one of three vacant spots on the seven-member Federal Reserve Board. Tarullo will sit on the Fed board until Jan. 31, 2022.

Tarullo headed the 2008 transition team's search for Treasury officials, and advised Obama on economic issues during the presidential campaign. He brings to the table a wealth of knowledge about international economics and believes in strong Fed oversight of banks.

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At a Glance

  • Career History: Professor of law at Georgetown University Law Center (1999 to 2009); Assistant Secretary of State for Economic and Business Affairs, Deputy Assistant to the President for Economic Policy, and Assistant to the President for International Economic Policy (1993-1998)
  • Birthday: November 1952
  • Hometown: Boston, Mass.
  • Alma Mater: University of Michigan, A.B. in 1973; Duke University, M.A. in 1974; J.D. from Georgetown University in 1977
  • Web site

Path to Power

Tarullo went to college at the University of Michigan, earning a bachelor's of arts in 1973. He went to Duke University next, earning a master's, then moved to Georgetown University for law school, obtaining a degree in 1977.

After stints as a practicing lawyer in Washington, D.C., and as a law professor at Harvard University, Tarullo joined Sen. Edward M. Kennedy's (D-Mass.) staff as chief counsel from 1987 to 1989. During that time, Tarullo also served as an economic adviser to failed 1988 presidential candidate and Massachusetts Gov. Michael Dukakis (D). While helping Dukakis, Tarullo worked closely with Obama's National Economic Council head, Lawrence Summers, and Robert Reich, Labor secretary during the Clinton administration.

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The Issues

Along with the nomination of Mary L. Schapiro to head the Securities and Exchange Commission and Gary Gensler to preside over the Commodity Futures Trading Commission, Tarullo was announced as Obama's first pick to fill a Fed board position.

"The Federal Reserve's monetary policy function will continue to be critical in navigating us through these trying economic times," said Obama when announcing Tarullo. Obama added, "His [Tarullo's] academic and policy work on financial regulation has anticipated some of the problems we have observed, and he has generated important ideas for how we should move forward."

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The Network

Tarullo worked on the Michael Dukakis campaign with Obama's National Economic Council head Lawrence Summers and former Clinton Labor Secretary Robert Reich. He also worked as an adviser to Clinton while Summers worked at the Treasury.

John Podesta is the president of the Center for American Progress, where Tarullo worked as a non-resident senior fellow.

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Additional Resources

  1. Paletta, Damian and MacDonald, Alistair, "Mortgage Fallout Exposes Holes in New Bank-Risk Rules --- Looser Guidelines Face a Backlash As Losses Pile Up," The Wall Street Journal, March 4, 2008
  2. Bohan, Caren, "UPDATE 1-Tarullo to replace Kroszner at Fed-Obama spokesman," Reuters News, Dec. 18, 2008
  3. Tarullo, Daniel K., "Get Tough With Japan (Phase 2)," The New York Times, May 9, 1998
  4. Obama, Barack "President-elect Obama announces choices for SEC, CFTC and Federal Reserve Board" press release, Dec. 18, 2008
  5. http://www.americanprogress.org/experts/TarulloDaniel.html
  6. Rowen, Hobart, "A Battle for Dukakis' Economic Mind," The Washington Post, July 21, 1988
  7. Center for Responsive Politics
  8. Meckler, Laura and Blackstone, Brian, "WSJ UPDATE: Obama To Name Dan Tarullo To Fill Fed Board Seat," Dow Jones News Service, Dec. 18, 2008