19 Facts About Randal Quarles

Randal Keith Quarles was born on September 5,1957 and 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.

Randal Quarles concurrently served as the chair of the Financial Stability Board from 2018 to 2021.

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.

In 2012, Quarles was widely mentioned as a possible Treasury Secretary or senior White House adviser in future Republican administrations.

In July 2017, Randal Quarles was nominated by President Donald Trump to be board member and vice chair for supervision of the Federal Reserve System.

Randal Quarles left the role of Vice Chair for Supervision in 2021 and retired from the Federal Reserve in 2021.

Randal Quarles then attended Yale Law School, graduating with a JD in 1984.

Randal Quarles spent most of his career there in the New York office but worked in the London office from 1987 to 1989.

Randal Quarles 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.

Bush, asked Randal Quarles to join a team working to develop the governmental response to the savings and loan crisis in the financial sector and to propose improvements for the financial regulatory system going forward.

At the Treasury, Quarles was a senior official under all three of George W Bush's Treasury Secretaries and developed policy on an unusually broad range of matters in both domestic and international financial affairs.

From April 2002 until August 2005, Randal Quarles was Assistant Secretary of the Treasury for International Affairs.

Randal Quarles had a leading role in issues ranging from Chinese currency policy to the Argentine debt default, and from Iraqi and Afghan economic reconstruction to the reform of collective action in sovereign debt agreements.

From August 2001 until April 2002, Randal Quarles was the US Executive Director of the International Monetary Fund, where he represented the United States in negotiations over the IMF's response to financial crises in Argentina and Turkey.

Randal Quarles argued strongly for improving international coordination of financial regulation, initiating a regular dialogue with the European Union on financial regulatory matters and representing the United States at the Financial Stability Forum.

Randal Quarles negotiated the historic debt relief agreement for the world's poorest countries reached at the G7 Meetings in London during 2005.

On July 10,2017, Randal Quarles was nominated by President Donald Trump to fill a vacant position on the Federal Reserve Board of Governors expiring January 31,2018, a new 14-year term expiring January 31,2032, and the position of Vice Chair of the Federal Reserve for Supervision for a four-year term.

Randal Quarles resigned from the board in December 2021, following the conclusion of his tenure as vice chairman for supervision in October 2021.

Randal Quarles is a member of the Church of Jesus Christ of Latter-day Saints.