Randal K. Quarles submits resignation as a member of the Federal Reserve Board, effective at the end of December
Summary
The Federal Reserve Board announced on November 08, 2021 that Randal K. Quarles had submitted his resignation as a member of the Board, effective at the end of December. Quarles, a member since October 13, 2017, was the Board's first Vice Chair for Supervision, overseeing the supervision and regulation of financial firms in its jurisdiction, and at the same time chaired the Financial Stability Board, the international body established by the G20, in a three-year term ending December 2. The release credits him with a central role in the safe operation of the domestic and international financial systems during the COVID event. Before joining the Board he founded the private investment firm Cynosure Group; earlier he was Treasury Under Secretary for Domestic Finance, U.S. Executive Director of the International Monetary Fund and a partner at the Carlyle Group and Davis Polk & Wardwell.
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“Federal Reserve, ‘Randal K. Quarles submits resignation...’ Nov. 8, 2021.”
Original at www.federalreserve.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/federal-reserve-randal-k-quarles-submits-resignation-nov-8-2021-575f542b0f/
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A lock () or https:// means you've safely connected to the .gov website. Share sensitive information only on official, secure websites. Stay Connected Federal Reserve Facebook Page Federal Reserve Instagram Page Federal Reserve YouTube Page Federal Reserve Flickr Page Federal Reserve LinkedIn Page Federal Reserve Threads Page Federal Reserve X Page Federal Reserve Bluesky Page Recent Postings Calendar Publications A-Z index Videos Toggle Dropdown Menu Sections Press Releases Press Release November 08, 2021 Randal K. Quarles submits resignation as a member of the Federal Reserve Board, effective at the end of December For release at 11:00 a.m. EST Randal K. Quarles submitted his resignation Monday as a member of the Federal Reserve Board, effective at the end of December. He served as the Board's first Vice Chair for Supervision and has been a member of the Board since October 13, 2017. As Vice Chair for Supervision, he oversaw the supervision and regulation of financial firms in the Board's jurisdiction. He served simultaneously as Chair of the Financial Stability Board, or FSB, an international body established by the G20 to ensure the resilience of the global financial system. His three-year term as FSB Chair ends on December 2. In both positions, he played a central role in ensuring the safe operation of both the domestic and international financial systems during the stress of the COVID event. Prior to his appointment to the Board, Quarles was founder and managing director of the Cynosure Group, a private investment firm. He also served in a variety of senior positions at the Treasury Department under both Bush administrations, including Under Secretary for Domestic Finance, was the U.S. Executive Director of the International Monetary Fund, and was a partner at both the Carlyle Group, and earlier, Davis Polk & Wardwell. He is married with three children and is from Utah. A copy of his resignation letter is attached. For media inquiries, email [email protected] or call 202-452-2955. Attachment (PDF) Last Update: November 08, 2021
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