Economy

Randal Quarles to resign at year-end, paving way for Biden to further remake the Federal Reserve

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Randal K. Quarles, vice chairman of the Federal Reserve Board of Governors, testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on “Oversight of Financial Regulators” on Capitol Hill in Washington, December 5, 2019.

Erin Scott | Reuters

Federal Reserve Governor Randal Quarles said he is stepping down from his post around the end of the year, an announcement that comes a little over a month after ending his run as the Fed’s supervisor of the banking system.

The move was not unexpected but became official Monday and will be effective “during or around the last week of December,” Quarles said in a letter to President Joe Biden.

Though his actual term on the board of…



Source cnbc.com

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