Trump Nominates Randal K. Quarles to Oversee Wall Street Banks
In a 2016 opinion article in The Wall Street Journal, Mr. Quarles warned against
“arbitrarily taking an ax to big banks and irreparably damaging the economy.”
Mr. Quarles has also publicly criticized the Fed’s efforts to stimulate the economy,
and will probably push for the central bank to end those efforts more quickly.
By BINYAMIN APPELBAUMJULY 10, 2017
WASHINGTON — President Trump on Monday named Randal K. Quarles, a former Treasury Department official, to serve as the Federal Reserve’s top watchdog overseeing Wall Street
and to play a leading role in the administration’s plans to reduce financial regulation.
Mr. Quarles, 59, would be a counterweight to the Fed chairwoman, Janet L. Yellen, who has led
the Fed’s postcrisis stimulus campaign and its efforts to strengthen financial regulation.
Mr. Quarles would be the first person to serve in the role of vice chairman for supervision, which
Congress created after the financial crisis to sharpen the Fed’s focus on regulatory issues.
