The Federal Reserve’s top supervisor is out as the chair of the board’s supervision and regulation committee, the agency said Tuesday, one day before his term as the top supervisor at the agency comes to an end.
The Fed said that Randal Quarles, vice chair of supervision at the central bank, would no longer chair the supervision and regulation committee of the Fed Board. He will continue as a member of the committee, along with current committee members, Govs. Lael Brainard and Michelle Bowman, according to reports. Neither of those members, apparently, has been appointed to succeed Quarles in the chair’s position.
Also according to those reports, the committee – from Wednesday and beyond – will only advance agenda items before it when there is “broad consensus” among Federal Reserve officials. That essentially means that all three committee members will have to agree to any rule changes to be proposed to the full board.
Although Quarles’ term as vice chair for supervision also runs out Wednesday (Oct. 13), he will continue as a member of the Federal Reserve Board; his board term runs until February 2032.
The White House has not yet nominated a successor to Quarles as board vice chair.