Profiles · Officials · Federal Reserve
- Type
- Person
- Role
- Official · Federal Reserve
- Programs
- PPP, PPPLF
- Updated
The profile
Board voting records show Quarles voting with Chair Jerome H. Powell and the other governors on the April 8, 2020 establishment of the PPPLF.
Identity and role
Randal K. Quarles served as the Federal Reserve Board's Vice Chair for Supervision during the PPP launch and the first year of the pandemic emergency facilities.
Pandemic-relief / PPP-EIDL role
Board voting records show Quarles voting with Chair Jerome H. Powell and the other governors on the April 8, 2020 establishment of the PPPLF and on the April 30, 2020 expansion that opened the facility to additional lenders and broadened eligible collateral. The same Board-vote record includes the related interim final rule neutralizing PPP loans' effect on lenders' regulatory capital. In testimony to the House Financial Services Committee on May 19, 2021, Quarles said the Fed had "maintained or extended some of those measures," citing the PPPLF's extension to June 30, 2021, and had "closed 12 of our 13 emergency lending facilities."
Their own relief
No personal PPP loan, enforcement action, or company-side pandemic-relief support was located.
Legal status / controversies
We found no personal criminal charge, civil enforcement order, settlement, conviction, or fraud finding for Randal K. Quarles.
Where they are now (2025–2026)
The Federal Reserve announced on November 8, 2021 that Quarles submitted his resignation as a Board governor effective at the end of December 2021. Federal Reserve History records that his Vice Chair for Supervision term ended October 13, 2021 and that he resigned December 25, 2021.
Sources held in this archive
Original source documents and archived captures
- Federal Reserve Board Votes 2020, PPPLF and PPP-related actions
- Federal Reserve, PPPLF overview
- Federal Reserve, "Randal K. Quarles submits resignation..." Nov. 8, 2021
- Quarles testimony, House Financial Services Committee, May 19, 2021
- Federal Reserve History, Randal K. Quarles
Sources
- Federal Reserve Board Votes 2020, PPPLF and PPP-related actions: Federal Reserve Board Votes 2020, April 8 and April 30 PPPLF actions (original: federalreserve.gov · stored capture)
- Federal Reserve, PPPLF overview: Federal Reserve PPPLF page (original: federalreserve.gov · stored capture)
- Federal Reserve, "Randal K. Quarles submits resignation..." (Nov. 8, 2021): Federal Reserve, "Randal K. Quarles submits resignation..." Nov. 8, 2021 (original: federalreserve.gov · stored capture)
- Federal Reserve History, Randal K. Quarles: Federal Reserve History, Randal K. Quarles (original: federalreservehistory.org · stored capture)
- Quarles testimony, House Financial Services Committee, May 19, 2021: Quarles testimony, House Financial Services Committee, May 19, 2021 (original: federalreserve.gov · stored capture)