WASHINGTON—President Donald Trump has nominated Randal Quarles to serve on the Federal Reserve Board through January 2032 and to serve four years as its vice chairman for supervision.
This official vice chairman of supervision position was created by the Dodd-Frank Act but has had no nominees until now. Former Fed Gov. Daniel Tarullo had served as the de facto vice chairman for bank supervision before he stepped down from the board in April, noted NAFCU.
Quarles has been nominated to fill out the remainder of a 14-year Fed Board term expiring Jan. 31, 2018, followed by an additional 14-year term that expires Jan. 31, 2032.
Quarles currently heads Cynosure Group, an investment firm. He previously served as a senior official in the Treasury Department under President George W. Bush, noted NAFCU.