The Senate approved Randal Quarles for a key banking oversight post on the Federal Reserve Board, marking President Donald Trump’s first imprint on the central bank and his first full-time appointment of a banking regulator.
The vote to confirm Quarles to the Fed board was 65-32, with 14 Democrats supporting the nomination along with all Republicans and one independent. A former Treasury Department official, investor and banking lawyer, Quarles is expected to oversee the Fed’s work on a broad review of banking-sector rules. He will be the Fed’s first vice chairman in charge of bank oversight, a role created by the 2010 Dodd-Frank financial law that had never been filled.