Reuters: Quarles steps down as Fed Vice-Chair for Supervision

The Federal Reserve said on Tuesday that Vice Chair for Supervision Randal Quarles would no longer lead the internal committee overseeing bank rules and supervision, as his term as the central bank’s top regulatory official expires on Wednesday.

Instead, that panel will meet as needed on an unchaired basis, and any regulatory projects will only advance if there is “broad consensus” among Fed officials, according to a Fed spokesperson.

The announcement provides some clarity on how the Fed will handle regulatory matters going forward, as Quarles’ term as the central bank’s top regulatory official ends. Quarles for now remains at the Fed as a governor.

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

The full article is available at https://www.reuters.com/world/us/fed-announces-quarles-step-away-internal-regulatory-lead-role-vice-chair-term-2021-10-12/

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