Quarles confirmed by Senate for Fed board

Jesse Hamilton, Bloomberg News on

Published in Business News

WASHINGTON -- Randal Quarles was approved by the U.S. Senate as a Federal Reserve governor, becoming the first of several central bank members President Donald Trump will select as he moves to reshape Wall Street oversight and guide an economy in its ninth year of expansion.

Quarles will need another Senate vote to become the Fed's first-ever vice chairman for supervision, a post that would give him a pivotal role in efforts to dial back post-crisis rules that Trump administration officials have said are stunting growth.

As vice chairman, Quarles would have extensive influence over bank capital and liquidity, as well as enforcement of Dodd-Frank Act measures including the Volcker Rule. As a governor, he would also serve on the Federal Open Market Committee.

Quarles was a Treasury Department official during President George W. Bush's administration. He has more recently led a Salt Lake City-based private equity firm after a stint at asset management company Carlyle Group.

The Fed board had three openings, with Quarles' arrival temporarily leaving two vacant seats. Vice Chairman Stanley Fischer is stepping down this month, and Janet Yellen's term as chair expires in February. Trump has said that it's possible that he might renominate Yellen, though the White House is said to also be looking at a short list of other candidates.

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The Senate vote Thursday approves Quarles to finish an unexpired term on the board, but it only lasts until Feb. 1. He's also nominated for a full 14-year governor term and as vice chairman. He needs independent confirmations for both of those.

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