Difference between revisions of "Randal K. Quarles"

Revision as of 20:14, 23 April 2025

Randal K. Quarles is a private equity investor and attorney and served for a time in the United States Federal Reserve.

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.”[1]

Randal Quarles took office as a member of the Board of Governors of the United States Federal Reserve System in October 2017, filling an unexpired term that ended in January 2018. He was reappointed to the Board in July 2018 for a term ending January 31, 2032. He was also sworn in as Vice Chair for Supervision in October 2017 and his term for that position ended on October 13, 2021. He resigned December 25, 2021.

While Vice Chair for Supervision, Quarles was appointed chair of the Financial Stability Board, an international body that monitors and makes recommendations about the global financial system.

Quarles was born in September 1957 in San Francisco. He was raised in Roy, Utah, graduating from Roy High School in 1975.[12] He then studied philosophy and economics at Columbia University, graduating with a BA summa cum laude in 1981. While at Columbia, Quarles took a two-year leave of absence to serve as a volunteer missionary for The Church of Jesus Christ of Latter-day Saints in Quebec.[13] He then graduated from Yale Law School with a JD in 1984.

Quarles was hired as an associate at the Wall Street law firm of Davis Polk & Wardwell. He spent most of his career there in the New York office but also worked in the London office from 1987 to 1989. He specialized in financial institutions law, eventually becoming co-head of the firm's Financial Institutions Group and advising on transactions that included a number of the largest financial sector mergers ever completed.

From August 2001 until October 2006, Quarles held several financial policy posts in the George W. Bush administration. Quarles served as undersecretary for domestic finance at the Department of the Treasury from September 2005 to November 2006 and assistant secretary for international affairs from April 2002 to August 2005. During this tenure, Quarles served as policy chair of the Committee on Foreign Investment in the United States. Prior to joining the Department of the Treasury, he was the U.S. Executive Director of the International Monetary Fund from August 2001 to April 2002. From January 1991 to January 1993, Quarles served as a special assistant to the Secretary of the Treasury for Banking Legislation and as deputy assistant secretary of the Treasury for financial institutions.

After his departure from the Treasury, Quarles joined the Carlyle Group, a leading private equity firm, to help the firm develop a focus on transactions in the financial services sector.

Quarles is married to Hope Eccles, a daughter of Spencer F. Eccles and granddaughter of Spencer S. Eccles.