Randal K. Quarles served as the first vice chair for supervision at the U.S. Federal Reserve Board. He was a member of the board from October 2017 until December 2021.
He was appointed by President Donald Trump as the Fed's first head of banking supervision and sworn in on October 13, 2017 for a term ending October 13, 2021. He was reappointed to the board and sworn in on July 23, 2018, for a term ending January 31, 2032. In November 2021 Quarles said he would step down from his position around the last week of December 2021.
Quarles was also a member of the Financial Stability Board and was chair of the FSB for a three-year term from November 2018 to December 2021. He replaced Bank of England Governor Mark Carney, who stepped down as chair in December 2018.
Before to his appointment to the Federal Reserve Board, Quarles was the founder and managing director of the Cynosure Group, a Utah-based investment firm. He had previously been a partner at The Carlyle Group.
Quarles served as under secretary of the Treasury for domestic finance from September 2005 to November 2006, after having been assistant secretary of the Treasury for international affairs from April 2002 to August 2005. During his tenure, he served as policy chair of the Committee on Foreign Investment in the United States. From August 2001 to April 2002, Quarles served as the U.S. executive director of the International Monetary Fund.
From January 1991 to January 1993, he served in the Treasury Department as a special assistant to the Secretary of the Treasury for Banking Legislation and as deputy assistant Secretary of the Treasury for Financial Institutions.
Prior to, and in between, his service at the Department of the Treasury, Quarles was a partner at Davis Polk & Wardwell, serving in their New York and London offices.
Quarles received an A.B. in philosophy and economics, summa cum laude, from Columbia University in 1981 and a law degree from Yale Law School in 1984.
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