WASHINGTON — President Trump will nominate Randal Quarles as the Federal Reserve's vice chairman of supervision, the top bank regulatory post at the central bank, according to an announcement by the White House late Monday.
Quarles' nomination, which was widely expected, is one of the major bank regulatory appointments by the Trump administration and puts an end to what has been a prolonged process to fill the vice chairman's position. Numerous other candidates were said to be considered for the post, including David Nason, a former assistant Treasury secretary for financial institutions during the financial crisis.
If confirmed, Quarles will be a key figure in the Fed's policymaking, particularly as it relates to large banks.
Quarles served as Treasury undersecretary for domestic finance in the George W. Bush administration, as well as assistant secretary for international affairs. He was deputy assistant secretary for financial institutions policy in the George H.W. Bush administration. Quarles founded the Cynosure Group, a Salt Lake City investment firm, and was also a partner of The Carlyle Group.
Once his appointment is finalized, Quarles will effectively inherit the role that former Fed Gov. Daniel Tarullo played in spearheading the central bank's regulatory policy. Gov. Jerome Powell has chaired the Fed's bank supervision committee since Tarullo's departure.
Quarles' nomination as a Fed board governor will be for the remainder of a term expiring Jan. 31, 2018, as well as for an additional term expiring in 2032. His nomination as vice chairman is for a term of four years.