Senate poised to act on Quarles’ confirmation to 14-year term

Randal Quarles’ 14-year tenure on the Federal Reserve Board is poised to become reality as the Senate gets ready to vote on confirmation this week on his nomination by President Donald Trump, made last year.

Quarles was confirmed by the Senate as vice chairman for supervision in October 2017 for a term that ends in October 2018. He was also nominated to a full, 14-year term (ending in 2032) on the board. But, he has not yet been confirmed to that term. Between February and now, he has been serving in a sort of limbo, as Fed governors may remain in place until their successor is appointed and confirmed.

Action on Quarles confirmation could come as early as Tuesday.