Quarles Confirmed as Next Fed Vice Chair
On October 5th, the Senate confirmed Randal Quarles as the next Vice Chairman of the Federal Reserve. Quarles previously served as an Assistant Secretary at the Department of the Treasury under President George W. Bush. He will take the position of Vice Chair of Supervision, a title created under Dodd-Frank but never filled, for 4 years. His seat on the Board of Governors of the Federal Reserve will last until 2032.
Quarles’ seat was not the only seat at the Federal Reserve currently under consideration. Janet Yellin’s position as Chair of the Federal Reserve is set to expire in January 2018 (although her seat on the board extends until 2024), and the president is already actively vetting potential replacements. The Federal Reserve acts as the central bank for the United States, setting American monetary policy, promoting financial stable markets, supervising financial institutions, maintaining the safety and efficiency of American payment systems, and pursuing community advancement.