Randal Quarles
Randal Keith Quarles (born September 5, 1957) is an American private equity investor and attorney who served as the first Vice Chair of the Federal Reserve for supervision from 2017 to 2021. He concurrently served as the chair of the Financial Stability Board from 2018 to 2021.
Randy Quarles | |
|---|---|
| Chair of the Financial Stability Board | |
| In office November 26, 2018 – December 2, 2021 | |
| Preceded by | Mark Carney |
| Succeeded by | Klaas Knot |
| Vice Chair of the Federal Reserve for Supervision | |
| In office October 13, 2017 – October 13, 2021 | |
| President | Donald Trump Joe Biden |
| Preceded by | Position established |
| Succeeded by | Michael Barr |
| Member of the Federal Reserve Board of Governors | |
| In office October 13, 2017 – December 25, 2021 | |
| President | Donald Trump Joe Biden |
| Preceded by | Jeremy C. Stein |
| Succeeded by | Michael Barr |
| 15th Under Secretary of the Treasury for Domestic Finance | |
| In office August 8, 2005 – October 13, 2006 | |
| President | George W. Bush |
| Preceded by | Brian Roseboro |
| Succeeded by | Robert K. Steel |
| Assistant Secretary of the Treasury for International Finance and Development | |
| In office April 2001 – August 8, 2005 | |
| President | George W. Bush |
| Preceded by | Edwin M. Truman |
| Succeeded by | Clay Lowery |
| Personal details | |
| Born | Randal Keith Quarles September 5, 1957 San Francisco, California, U.S. |
| Political party | Republican |
| Spouse | Hope Eccles |
| Relations | Spencer Eccles (father-in-law) |
| Children | 3 |
| Education | Columbia College, Columbia University (BA) Yale University (JD) |
| Signature | |
From August 2001 until October 2006, Quarles held several financial policy posts in the George W. Bush administration, ultimately serving as Under Secretary of the Treasury for Domestic Finance. After leaving the Bush administration, he became the founder and head of The Cynosure Group, a private investment firm, and a former managing director of The Carlyle Group, one of the world's largest private equity firms. In 2012, Quarles was widely mentioned as a possible Treasury Secretary or senior White House adviser in future Republican administrations.
In July 2017, Quarles was nominated by President Donald Trump to be board member and vice chair for supervision of the Federal Reserve System. He was confirmed by the United States Senate on October 5, 2017, by a 65–32 vote on the board seat and by voice vote on the vice chair position. The bank supervision position had been created under the 2010 Dodd-Frank financial law but had never before 2017 been filled. He left the role of Vice Chair for Supervision in 2021 and retired from the Federal Reserve in 2021.