As Fed Vice Chair for Financial Supervision and Chair of the Financial Stability Board (FSB), Randal Quarles leads part of the global conversation about regulation or deregulation of banks. His latest speech suggested what he called small changes that could turn out to be large indeed in how the Fed supervises banks. This is no surprise from Quarles – his interest in building greater openness in the process has been clear for quite a while, but where that leads him to potential efficiencies, others see potential disasters.
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