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

by Mike Robinson

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© Reuters. FILEPHOTO: Randal Quarles (Financial Stability Board Chair and Vice Chairman of Federal Reserve Supervision) addresses Economic Club of New York at New York City on October 18, 2018, U.S.A. REUTERS/Brendan McDermid/File Photo

By Pete Schroeder

WASHINGTON (Reuters] – On Tuesday, the Federal Reserve stated that Randal Quarles will no longer be the Vice Chair of Supervision. His term as top bank regulator expires Wednesday.

According to Fed spokespersons, the panel will instead meet on an as-needed basis. Any regulatory projects can only move forward if there’s “broad consensus”.

This announcement clarifies how the Fed will deal with regulatory issues going forward. Quarles’ tenure as top regulator at the Fed is over. Quarles is still a Fed governor.

Also, it suggests that Quarles, who has since been removed as Fed chief, won’t pursue ambitious deregulation agendas.

Quarles was the head of Fed’s regulatory committee, which included Fed Governors Lael Mindard (a Democrat) and Michelle Bowman (a Republican).

According to the agreement, all major changes to the rules or policies would need to be approved by the entire group, including Brainard. Brainard dissented on several Quarles efforts to loosen banking regulations.

Joe Biden has not yet nominated someone to succeed Quarles.

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