Randal K. Quarles Steps Down from Federal Reserve Board, Paving Way for Biden Appointments
Randal K. Quarles has announced his resignation from the Federal Reserve Board, effective late December 2021, opening opportunities for new presidential appointments.
President Biden poised to reshape Federal Reserve leadership
On November 8, 2021, Randal K. Quarles officially tendered his resignation from his role as a member of the Federal Reserve Board (FRB), with his departure set for late December 2021. This significant move allows President Joe Biden the chance to appoint up to four members to the seven-seat Federal Reserve Board in the upcoming months, potentially influencing the future course of U.S. monetary policy and financial oversight.
Highlights
- Randal K. Quarles will leave the Federal Reserve Board by the end of December 2021.
- He previously served as Vice Chair for Supervision at the FRB and chaired the Financial Stability Board (FSB) under the G-20.
- President Biden may fill as many as four vacancies on the seven-member FRB shortly.
Profile: Randal K. Quarles
Appointed by former President Donald Trump, Quarles joined the Federal Reserve Board on October 13, 2017. He was the inaugural Vice Chair for Supervision, overseeing regulatory supervision of financial institutions under the Fed’s jurisdiction—a term that concluded on October 13, 2021.
Quarles’ resignation comes well ahead of his original term expiration date, which was set for January 31, 2032.
In addition to his Fed responsibilities, Quarles served as Chair of the Financial Stability Board (FSB), an international entity created by the G20 to promote global financial system resilience. His three-year tenure as FSB Chair concluded on December 2, 2021.
Before his Federal Reserve service, Quarles founded and managed the Cynosure Group, a private investment firm. His extensive career includes senior Treasury Department roles during the George H. W. Bush and George W. Bush administrations, such as Under Secretary for Domestic Finance. He also served as the U.S. Executive Director at the International Monetary Fund (IMF), was a partner at the Carlyle Group private equity firm, and practiced law at the international firm Davis Polk & Wardwell.
The Federal Reserve’s announcement praised Quarles for his pivotal role in maintaining stability in both domestic and global financial systems throughout the COVID-19 crisis.
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