WASHINGTON — Randal Quarles was sworn in as a member of the Federal Reserve’s Board of Governors Friday afternoon and as vice chairman for supervision, making him the first person to hold that position since it was created by the Dodd-Frank Act in 2010.
Quarles, a former private equity fund manager and a Treasury official under President George W. Bush, was confirmed by the Senate as a member of the Fed board by a vote of 65-32 last week and later confirmed as vice chair by voice vote. Neither Quarles nor any other member of the Fed board made statements accompanying the announcement.
Randal Quarles, governor of the U.S. Federal Reserve nominee for U.S. President Donald Trump, listens during a Senate Banking Committee nomination hearing in Washington, D.C., U.S., on Thursday, July 27, 2017. Trump's pick to be the Federal Reserves top Wall Street watchdog said it's time to reconsider the restrictions imposed on banks in recent years, even as he credited regulations with helping stabilize the financial system after the 2008 crisis. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
The swearing-in marks a formal end to a prolonged era of speculation around who President Trump would nominate for the job, which had been filled on a de facto basis by former Gov. Daniel Tarullo, who chaired the Fed’s supervisory committee before he resigned in April.
Several potential nominees were floated, including former Bush Treasury official David Nason and former George H.W. Bush official and corporate attorney Thomas Vartanian. Quarles was formally nominated in July.
His nomination drew some criticism from Democrats, with Sen. Elizabeth Warren of Massachusetts saying on the Senate floor that Quarles had “gone through the revolving door so many times it is hard to keep up.”
But Quarles held his own in his confirmation hearing in July, saying his hope was that bank regulations can be made clearer without subjecting the public to excessive risks. Ultimately five Democrats on the Senate Banking Committee voted to confirm Quarles.
Federal Reserve Chair Jerome Powell said there was a "high degree of unity" among committee members during this week's Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.
The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
Community Financial in Syracuse has made its biggest investment ever in an outside company, taking a $37.4 million equity stake in an insurance provider that focuses on the rental housing market.
The two BNPL giants' pay-over-time loans will now be available for in-store purchases on Apple Pay in a move to capture more sales at brick and mortar stores.
