Fed announces Quarles to step away from internal regulatory lead role as vice-chair term expires

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FILE PHOTO: Financial Stability Board Chairman and Federal Reserve Vice Chairman for Supervision Randall Quarles addresses the Economic Club of New York in New York City, US, October 18, 2018. Businesshala/Brendan McDermid/File photo
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WASHINGTON (Businesshala) – The Federal Reserve said on Tuesday that its vice chairman of supervision Randall Quarles will no longer lead the internal committee overseeing bank regulations and supervision, as his term as the central bank’s top regulatory official ends on Wednesday. Is.

Instead, that panel will meet as needed without any basis, and any regulatory project will only proceed if there is “broad consensus” among Fed officials, according to a Fed spokesman.

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With Quarles’ term as the central bank’s top regulatory official coming to an end, it offers some clarity on how the Fed will handle regulatory matters going forward. For now, Quarles remains at the Fed as governor.

It also suggests that Quarles, who was appointed to the Fed by Republican former President Donald Trump, will no longer pursue any ambitious regulatory agenda, as he is not officially a Fed official in charge of that portfolio.

The Fed’s internal committee in charge of regulatory affairs was run by Quarles, and included Fed Governors Lyle Brainard, a Democrat, and Michelle Bowman, a Republican.

Under the new arrangement, any rule writing or other major policy changes adopted by the group would have to be widely agreed upon, notably by Brainard, who disagreed with many of Quarles’ attempts to ease rules on the banking sector.

President Joe Biden has not yet nominated anyone to replace Quarles in that role.

Reporting by Pete Schroeder; Editing by Peter Cooney

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