In a further exodus of the Obama administration's economic team, Diana Farrell, the White House National Econmic Committee's deputy director and Michael Barr, the Treasury assistant secretary for financial institutions, said Tuesday they are resigning their posts.
Both were chief architects of the administration's regulatory reform proposal and Barr has even been named as a candidate for director of the Consumer Financial Protection Bureau. The two officials will leave within weeks.
Barr is expected return to his teaching position at the University of Michigan Law School. Sources said he is leaving for family reasons. His wife, a professor, recently made tenure in Michigan.
Farrell assisted Barr in lobbying for the Dodd-Frank law. Her departure follows that of her boss, Lawrence Summers, who has announced he will leave the administration to return to Harvard University at the end of the year.