Federal Reserve governor Randal Quarles said Monday he would resign his position around the end of this year, giving President Biden as many as four seats to fill on the central bank’s seven-member board in the coming months.

Mr. Quarles was appointed to a four-year term in October 2017 by then-President Trump as the Fed’s vice chairman for bank supervision, a position created by the 2010 Dodd-Frank financial-regulatory overhaul. The resignation this year was largely expected because Mr. Quarles’s term as vice chairman had lapsed last month and because his term leading a separate international regulatory body, the Financial Stability Board, expires next month.