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Randal K. Quarles has been sworn in a new Federal Reserve Governor to fill a key vacancy on October 13, 2017, to fill an unexpired term ending on January 31, 2018. He was sworn in as Vice Chairman for Supervision on October 13, 2017. His term as Vice Chairman for Supervision ends on October 13, 2021.

Fed Quarles

Official Announcement:

Randal K. Quarles takes oath of office as member of the Board of Governors of the Federal Reserve System and Vice Chair for Supervision

Randal K. Quarles on Friday took the oath of office as a member of the Board of Governors of the Federal Reserve System and Vice Chair for Supervision.

President Trump announced his intention to nominate Mr. Quarles on July 10, 2017. He was confirmed to both positions by the United States Senate on October 5.

Who is Randal Quarles?

Prior to his appointment to the Board, Mr. Quarles was founder and managing director of the Cynosure Group, a Utah-based investment firm. Before founding the Cynosure Group, Mr. Quarles was a partner at The Carlyle Group, a private equity firm based in Washington, DC.

From September 2005 to November 2006, Mr. Quarles served as Under Secretary of the Treasury for Domestic Finance. Prior to serving as Under Secretary, from April 2002 to August 2005, Mr. Quarles was Assistant Secretary of the Treasury for International Affairs. During his tenure, Mr. Quarles served as policy chair of the Committee on Foreign Investment in the United States. Prior to joining the Department of the Treasury, Mr. Quarles served, from August 2001 to April 2002, as the U.S. Executive Director of the International Monetary Fund.

From January 1991 to January 1993, he served in the Treasury Department as a Special Assistant to the Secretary of the Treasury for Banking Legislation and as Deputy Assistant Secretary of the Treasury for Financial Institutions.

Prior to, and in between, his service at the Department of the Treasury, Mr. Quarles was a partner at Davis, Polk & Wardwell, serving in their New York and London offices.

Mr. Quarles was born in September 1957. He received an A.B. in philosophy and economics, summa cum laude, from Columbia in 1981 and earned a law degree from the Yale Law School in 1984.

Mr. Quarles is married with three children.

A biography of Mr. Quarles is available on the Board's website at www.federalreserve.gov/bios/.

From The TradersCommunity News Desk

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