Federal Reserve Board Governor and former Vice Chair for Supervision Randal K. Quarles gave notice of his resignation, effective around the last week of December.
Mr. Quarles served simultaneously as FRB Vice Chair for Supervision (he completed his term in October 2021) and Chair of the Financial Stability Board (for which his term ends December 2, 2021), overseeing domestic and international financial systems during the COVID-19 pandemic.
Prior to his appointment in October 2017, Mr. Quarles served at Treasury under both Bush administrations in various senior positions, including as Under Secretary for Domestic Finance, and was also the U.S. Executive Director of the International Monetary Fund.
Commentary
Governor Quarles's resignation from the Federal Reserve Board at the end of the year is consistent with statements Governor Quarles has made since his term as Vice Chair of Supervision ended in October. He noted that he intended to remain on the Federal Reserve Board until the end of his term as Chair of the Financial Stability Board. Consistent with the FSB's announcement of Governor Quarles's term as FSB chair, current FSB Vice Chair, Klaas Knot of De Nederlandsche Bank, will begin a three-year term as FSB Chair on December 2, 2021. President Biden will now be able to nominate someone to serve out the remainder of Governor Quarles's term on the Board of Governors which expires in January 2032.
Primary Sources
- FRB Press Release: Randal K. Quarles Submits Resignation as a Member of the Federal Reserve Board, Effective at the End of December
- FRB Vice Chair for Supervision Resignation Letter
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