WASHINGTON–The Federal Reserve has a vacancy in its top spot overseeing supervision and regulation.
Randal Quarles, vice chair of supervision at the Fed, has had his term as chairman of the central bank’s supervision and regulation committee expire.
He remains a member of the committee, however, along with current committee members, Govs. Lael Brainerd and Michelle Bowman. Neither Brainerd nor Bowman have been named by the Fed to the chairman position to date.
Some pundits have noted that Sen. Sherrod Brown (D-OH), chairman of the Senate Banking Committee, has been pushing for Quarles ouster from the committee and will play the primary role in his replacement.
Meanwhile, published reports indicate that moving forward the committee will only advance agenda items before it when there is “broad consensus” among Federal Reserve officials, implying all three members will have to agree to any rule changes to be proposed to the full board.
Quarles’ term on the Federal Reserve Board itself runs through February 2032.