The White House yesterday announced that President Trump will nominate Randal Quarles to serve as vice chairman of the Federal Reserve for financial institution supervision. The position was created by the Dodd-Frank Act but has never been filled.
Currently the head of a private investment firm, Quarles was previously a partner at the Carlyle Group, a private equity firm. During the George W. Bush administration, he served as under secretary of the treasury for domestic finance and as assistant treasury secretary for international affairs. He served as deputy assistant treasury secretary for financial institutions policy in the George H. W. Bush administration.
American Bankers Association President and CEO Rob Nichols, who worked with Quarles in the most recent Bush administration, tweeted that it was a “laudable appointment” and described him as “immensely qualified with lots of relevant international experience that will serve him well.” There are two additional vacancies on the Federal Reserve Board of Governors remaining to be filled.