Randal Quarles, Federal Reserve Governor, announced that he will be stepping down at the end of this year. This announcement comes just over one month after he left his role as supervisor of the Fed’s banking system.

Quarles wrote to President Joe Biden that the move came as no surprise and was made official on Monday.

Quarles has announced that he will be leaving the role of special supervisory in charge of the bank following the financial crisis of 2008-09.

Quarles said, “It was a great pleasure to work with my fellows on the Board throughout the Federal Reserve System as well as among the global central banks and regulatory community.”

Quarles was appointed as a board member in October 2017. He had been serving a term that ended the year before. Quarles was then reappointed for a term which would have expired in 2032.

He has been the target of criticism by some progressive lawmakers in recent weeks. Senator Elizabeth Warren (D-Mass.) has been an outspoken critic, blaming Quarles, Fed Chairman Jerome Powell, for easing regulations after the financial crisis.

Quarles was appointed the first vice-chair of supervision following the Dodd-Frank reforms.

The Fed will be reformed by President Joe Biden after Quarles resigns.

Quarles’ potential replacement as supervisor has often been suggested by Governor Lael Mindard.

Powell’s term expires February and there is a vacancy in the Quarles position.

After being involved in controversy about Fed officials trading bonds and stocks while simultaneously implementing financial market-influencing policies, Robert Kaplan from Dallas and Eric Rosengren from Boston were forced to resign.