Trump Names Quarles as Fed Vice Chairman for Bank Supervision

Cheryl Sanders
July 12, 2017

The nomination to the Fed board, confirmed Monday, was expected.

Randal Quarles, director of a Salt Lake City investment firm, has been nominated to serve as bank supervisor in President Donald Trump's administration.

Randal Quarles will become the most influential regulatory figure in the United States, assuming he is confirmed by the Senate.

Now the head of a private investment firm, Quarles was previously a partner at the Carlyle Group, a private equity firm. Tarullo was a staunch supporter of the Dodd-Frank Wall Street reform law, passed in 2010, and he was known for administering rigorous "stress tests" to ensure that the banking system would be able to withstand unexpected shocks. He was previously a partner at private equity firm the Carlyle Group.

In addition, Quarles' more hawkish stance on interest rates and his role on the FOMC will also be welcome news to banks, which have been surfing higher on the Fed's recent interest rake hikes. He has gradually been nominating heads of financial agencies, but only Treasury Secretary Steven Mnuchin and Securities and Exchange Commission Chairman Jay Clayton have been approved by Congress. Others have leaders appointed by Trump's Democratic predecessor, President Barack Obama.

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