Trump names Randy Quarles as Fed's bank supervisor

Marco Green
July 11, 2017

U.S. President Donald Trump plans to nominate former Treasury official Randal Quarles to be the Federal Reserve's top banking regulator, the White House said on Monday.

Quarles is the first person to fill the role, which was created under the 2010 Dodd-Frank reform law to oversee the country's largest USA banks.

The White House announcement, which was released after hours Monday, said Quarles would be nominated to the Fed's board for the remainder of a 14-year term expiring January 31, 2018, as well as for an additional 14-year term expiring January 31, 2032.

Quarles is viewed as an industry-friendly figure who will likely listen to banks that have complained about the impact of regulations implemented since the financial meltdown. In an op-ed for the Wall Street Journal in March 2016, Quarles and a co-author criticized the Federal Reserve for creating a source of "systemic risk" by keeping interest rates so low for so long following the financial crisis.

For months, Quarles had been floated as a potential nominee to fill one of the vacancies at the central bank. He had served as under secretary for domestic finance of the U.S. Treasury in the George W. Bush administration and before that as assistant secretary of the U.S. Treasury for global affairs and U.S. executive director at the worldwide Monetary Fund (IMF).

Quarles now runs a private investment firm that he founded, the Cynosure Group, from Salt Lake City, Utah. Former President Barack Obama never nominated anyone for the job.

As Fed Chair Janet Yellen's current term expires in February 2018, the Trump administration has also begun the search for the next Fed Chair.

Other reports by Click Lancashire

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