U.S. President Donald Trump on Monday nominated Randal Quarles, an investment-fund manager and former U.S. Treasury official, as vice chair for supervision of the Federal Reserve, a position in charge of banking regulation at the central bank.
That job was created by the U.S. Congress under the 2010 Dodd-Frank Act, which was enacted in response to the 2008 financial crisis, but was never filled during the Obama administration.
If confirmed by the Senate, Quarles would play a leading role in the Trump administration to overhaul the financial regulatory system.
Quarles has had an extensive career in government and international finance, according to the White House. He had served as under secretary for domestic finance of the U.S. Treasury in the George W. Bush administration and before that as assistant secretary of the U.S. Treasury for international affairs and U.S. executive director at the International Monetary Fund (IMF).
Now Quarles is a founder and managing director of The Cynosure Group, a private investment firm in Salt Lake City. He is also a graduate of the Columbia University and the Yale Law School.
Once Quarles's appointment is confirmed by the Senate, the Fed's seven-member board still has two vacancies. As Fed Chair Janet Yellen's current term expires in February next year, the Trump administration has also begun the search for the next Fed Chair, local media reported.