The chair of the Federal Reserve Board of Governors moved after Kores’ term ended on Wednesday

Texas News Today

After the four-year term of the Federal Reserve Board’s deputy chairman of banking supervision, Randall Quarles, ended Wednesday, the Federal Reserve Board’s Banking Regulatory Commission no longer has a designated chair at the central bank. A possible restructuring of leadership at the Fed begins.

The Fed’s vice president for banking supervision heads the Board of Banking Supervision.

No one has appointed President Biden to replace Mr Quares as vice president. A White House official said on Tuesday that Mr Biden would continue to work with senior economic teams on federal personnel issues and “make decisions on issues that are considered.” Mr Quares’ another term as governor of the Federal Reserve Board would continue for the next 10 years.

The announcement on Tuesday came as Federal Reserve Board Chairman Jerome Powell awaits Biden to decide whether to appoint another four-year term after his current term ends in February next year. . It is done.

A spokesman for the Federal Reserve Board said Tuesday that the commission would meet in the future “on an irregular basis as necessary.” The issue before the committee is that, “it will only proceed to the entire board if there is broad consensus among the members of the committee.”

Mr Quares, nominated by President Donald Trump for the Fed, is one of three members of the Fed’s subcommittee on financial regulation. The other two members are Red Brainard, appointed by President Barack Obama, and Michelle Bowman, appointed by Trump.

The successor plan surrounding Mr Quarles’ post is of great interest because of pending merger applications, banking regulatory issues and questions about how the related business will be handled. His position was created by the 2010 Dodd-Frank Act, which reviewed financial regulation, and Mr. Quares was the first to be officially nominated for that position.

Federal Reserve Board Vice Chairman Richard Clarida’s term ends in January next year. In addition to the existing seven board vacancies, Mr. Biden has many opportunities to stamp the central bank.

The White House did not say when it would announce the personnel. In the second term many members of both parties supported Powell, but some LDP members have said that Powell should be replaced. Some progressives supported Mr. Brainard for his work. The White House is likely to consider Powell a candidate for vice president if he is appointed president for an additional four-year term.

Quarles personally chairs the Financial Stability Board, an international organization of financial regulators, for a three-year term expiring in December.

write to Nick Timiros ([email protected])

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