Trump to Nominate Former Treasury Official to Post at Federal Reserve
President Trump is expected to nominate Randal Quarles to serve as Vice-Chairman of Supervision at the Federal Reserve, a position created by the Dodd-Frank Act but never filled during the Obama Administration. His position as vice-chair would last a term of 4 years, but Quarles would also be given a seat on the Federal Reserve Board until 2032. The former Assistant Secretary at the Treasury currently serves as a managing director of a private equity firm in Utah.
Quarles could play a major role in reforming banking regulation in the Trump Administration. The President previously signed a series of executive memorandums to initiate agency review of multiple provisions in the Dodd-Frank Act. A recent report by the Treasury recommended significant changes to a number of banking and finance regulations in Dodd-Frank, as well as revisions to the Consumer Financial Protection Bureau’s management structure.