The Senate today voted to confirm Randal Quarles as the first-ever vice chairman for supervision of the Federal Reserve Board of Governors. Quarles was confirmed to serve on the Fed board by a bipartisan vote of 65 to 32, after which his nomination as vice chairman was approved by a voice vote. The position of vice chairman for supervision was created in the Dodd-Frank Act but has never before been filled.
American Bankers Association President and CEO Rob Nichols welcomed Quarles’ confirmation. “We look forward to working with Vice Chairman Quarles in crafting a regulatory program that fosters economic growth, and allows banks of all sizes to better serve their customers and communities without compromising safety and soundness,” he said.